Mon, Jun 21, 2021 @ 23:01 GMT
HomeTrade IdeasCandlesticks IntradayTrade Idea : USD/JPY - Buy at 112.80

Trade Idea : USD/JPY – Buy at 112.80

USD/JPY – 113.44

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 113.36

Kijun-Sen level                  : 113.46

Ichimoku cloud top             : 113.27

Ichimoku cloud bottom      : 112.99

Original strategy  :

Buy at 112.80, Target: 113.70, Stop: 112.45

Position :  –

Target :  –

Stop : –

New strategy  :

Buy at 112.80, Target: 113.70, Stop: 112.45

Position :  –

Target :  –

Stop : –

Although the greenback retreated after rising to 113.64 and consolidation below this level would be seen, reckon pullback would be limited to 113.00-10 and renewed buying interest should emerge around 112.80, bring another rise later, above said resistance would extend the move from 112.03 to resistance at 113.75, however, break there is needed to signal the rise from 110.84 low has resumed for headway towards 113.95-00, then towards 114.30-35 later.

In view of this, we are looking to buy dollar on pullback as 112.80-85 should limit downside and bring another rise later. Below 112.50-55 would suggest top is formed, bring test of 112.31 support but only break of latter level would signal the rebound from 112.03 has ended instead, bring retest of this level later.

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