USD/JPY – 112.65

Most recent candlesticks pattern   : N/A

Trend                      : Up

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Tenkan-Sen level              : 112.85

Kijun-Sen level                  : 112.63

Ichimoku cloud top             : 112.00

Ichimoku cloud bottom      : 111.86

Original strategy  :

Bought at 112.65, Target: 113.65, Stop: 112.30

Position :  – Long at 112.65

Target :  – 113.65

Stop : – 112.30

New strategy  :

Exit long entered at 112.65,

Position :  – Long at 112.65

Target :  –

Stop : –

Although the greenback rose to as high as 113.26, the subsequent sharp retreat suggests consolidation below this level would be seen, risk of further weakness to 112.20-35 cannot be ruled out, however, reckon the upper Kumo (now at 112.00) would limit downside and bring rebound later. Only below 111.75-80 would confirm top has been formed at 113.26, bring correction to 111.60 but support at 111.47 should remain intact.

In view of this, would be prudent to exit long entered at 112.65 and stand aside for now. Above 113.00 would bring retest of 113.26 but only break there would signal recent upmove has once again resumed and extend headway to previous resistance at 113.58. 

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