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Trade Idea Wrap-up: USD/JPY – Buy at 112.60

USD/JPY – 113.04

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 113.20

Kijun-Sen level                  : 113.35

Ichimoku cloud top             : 113.43

Ichimoku cloud bottom      : 113.41

Original strategy  :

Buy at 112.90, Target: 114.00, Stop: 112.55

Position :  –

Target :  –

Stop : –

New strategy  :

Buy at 112.60, Target: 113.70, Stop: 112.25

Position :  –

Target :  –

Stop : –

As the greenback has retreated after marginal rise to 113.75, suggesting consolidation below this level would be seen and pullback to 112.85-90 (50% Fibonacci retracement of 111.99-113.75 and previous resistance turned support) is likely, however, reckon 112.65-70 (61.8% Fibonacci retracement) would limit downside and bring another rise later, above said resistance at 113.75 would extend recent upmove 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 towards 114.34.

In view of this, would be prudent to buy dollar again on further corrective fall as 112.66 (61.8% Fibonacci retracement of 111.99-113.75) would limit downside and bring another rise. Below 112.55-57 support would defer and suggest top has been formed instead, bring subsequent fall to 112.20-25.

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