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

USD/JPY – 113.57

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 113.48

Kijun-Sen level                  : 113.41

Ichimoku cloud top             : 113.49

Ichimoku cloud bottom      : 113.03

Original strategy  :

Buy at 112.90, Target: 114.00, Stop: 112.55

Position :  –

Target :  –

Stop : –

New strategy  :

Buy at 112.90, Target: 114.00, Stop: 112.55

Position :  –

Target :  –

Stop : –

Dollar’s retreat after rising to 113.69 yesterday has retained our view that consolidation below this level would be seen and pullback to 113.00-05 (38.2% Fibonacci retracement of 111.99-113.69), however, reckon 112.80-85 (50% Fibonacci retracement) would hold and bring another rise later, above said resistance at 113.69 would extend recent rise from 110.84 low to resistance area at 113.91-114.07 but 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 112.80-85 (50% Fibonacci retracement of 111.99-113.69) would defer 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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