Sun, Feb 05, 2023 @ 18:22 GMT
HomeTrade IdeasCandlesticks IntradayTrade Idea : USD/JPY - Target met and buy at 113.00

Trade Idea : USD/JPY – Target met and buy at 113.00

USD/JPY – 113.47

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 112.28

Kijun-Sen level                  : 113.00

Ichimoku cloud top             : 112.43

Ichimoku cloud bottom      : 112.32

Original strategy  :

Bought at 112.10, met target at 113.30

Position :  – Long at 112.10

Target :  – 113.30

Stop : –

New strategy  :

Buy at 113.00, Target: 114.00, Stop: 112.65

Position :  –

Target :  –

Stop : –

As the greenback has surged again and broke above previous resistance at 113.09, adding credence to our bullish view that recent upmove is still in progress and our long position entered at 112.10 met target at 113.30 with 120 points profit, outlook remains supportive for the rise from 110.84 low to extend further gain to 113.60, then test of resistance area at 113.91-114.07, however, a sustained breach above this region is needed to signal early uptrend has resumed for headway to 114.34.

As we have taken profit on our long position entered at 112.10, would not chase this rise here and would be prudent to buy dollar again on pullback as the Kijun-Sen (now at 113.00) should limit downside and bring another rise later. Below 112.80 would deer and risk test of 112.55-60 but only break of latter level would signal top is formed instead, bring subsequent fall to 112.20-25.

Featured Analysis

Learn Forex Trading