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Trade Idea Wrap-up: USD/JPY – Buy at 112.90

USD/JPY – 113.39

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 113.43

Kijun-Sen level                  : 113.08

Ichimoku cloud top             : 112.49

Ichimoku cloud bottom      : 112.43

Original strategy  :

Buy at 113.00, Target: 114.00, Stop: 112.65

Position :  –

Target :  –

Stop : –

New strategy  :

Buy at 112.90, Target: 114.00, Stop: 112.55

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 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.

In view of this, would not chase this rise here and would be prudent to buy dollar again on pullback as 112.90-00 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.

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