USD/JPY – 114.28
Most recent candlesticks pattern  : N/A
Trend                     : Near term up
Tenkan-Sen level             : 114.14
Kijun-Sen level                 : 113.83
Ichimoku cloud top            : 113.75
Ichimoku cloud bottom     : 113.69
New strategy :
Buy at 113.70, Target: 114.70, Stop: 113.35
Position :Â –
Target :Â –
Stop : –
Dollar found renewed buying interest at 113.34 yesterday and has resumed recent upmove, adding credence to our bullish view that the rise from 107.32 low is still in progress and may extend further gain to 114.75-80 (61.8% projection of 111.65-114.10 measuring from 113.24), however, overbought condition should limit upside to 115.00 and risk from there is seen for a retreat later.
In view of this, would not chase this rise here and would be prudent to buy dollar again on pullback as 113.70-75 should limit downside. Below said support at 113.34 would abort and signal top is formed instead, bring retracement of recent rise to 113.15 (previous resistance turned support).
