USD/JPY – 113.87
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 113.80
Kijun-Sen level : 113.70
Ichimoku cloud top : 113.94
Ichimoku cloud bottom : 113.74
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although dollar has rebounded after finding support at 113.34, break of this week’s high at 114.24 is needed to revive bullishness and signal recent upmove from 107.32 low has resumed 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, loss of momentum should cap price below 115.00.
In view of this, would not chase this rise here and would be prudent to stand aside for now. Below 113.55-60 would prolong consolidation, bring another test of said support at 113.34, below there would bring retracement of recent rise to 113.24-25 (previous support and 38.2% Fibonacci retracement of 111.65-114.24), then towards 112.95-00 (50% Fibonacci retracement) but price should stay above 112.60-65 (61.8% Fibonacci retracement).
