USD/JPY – 114.09
Original strategy :
Buy at 113.70, Target: 114.70, Stop: 113.35
Position : –
Target : –
Stop : –
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As dollar has retreated after intra-day brief rise to 114.45, suggesting consolidation below this level would be seen and pullback to the upper Kumo (now at 113.79) cannot be ruled out, however, reckon downside would be limited to 113.50 and support at 113.34 (yesterday’s low) should remain intact, bring another rise later.
In view of this, would not chase this rise here and would be prudent to stand aside for now. Above 114.45 would extend recent rise from 107.32 low for 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.
