USD/JPY – 114.16
Original strategy :
Buy at 113.40, Target: 114.40, Stop: 113.05
Position : –
Target : –
Stop : –
New strategy :
Buy at 113.80, Target: 114.80, Stop: 113.45
Position : –
Target : –
Stop : –
Dollar’s rally after finding renewed buying interest at 113.24 adds credence to our view that recent upmove from 107.32 has resumed and upside bias remains for further gain to 114.45-50 (50% projection of 111.65-114.10 measuring from 113.24), then towards 114.75-80 (61.8% projection), however, overbought condition should prevent sharp move beyond latter level and reckon 115.00 would hold from here.
In view of this, we are looking to buy dollar again on pullback as 113.70-80 should hold, bring another rise. Below support at 113.54 would abort and suggest an intra-day top is formed, bring test of 113.24 support, however, break there is needed to provide confirmation, bring retracement of recent rise to 113.00 later.
