Trade Idea Update: USD/JPY - Buy at 108.05

Candlesticks and Ichimoku Intraday |

Written by Action Forex |

Nov 17 16 10:51 GMT

USD/JPY – 109.03

Original strategy  :

Buy at 108.05, Target: 109.60, Stop: 107.70

Position :  –

Target :  –

Stop : –

New strategy  :

Buy at 108.05, Target: 109.60, Stop: 107.70

Position :  –

Target :  –

Stop : –

As the greenback has retreated after rising to 109.76 yesterday, retaining our view that minor consolidation below this level would be seen and pullback to 108.50-55 and later 108.30 cannot be ruled out, however, reckon 118.00-05 would limit downside and bring another rise later, above said resistance at 109.76 would extend early erratic upmove from 99.01 low to 109.95-00 but near term overbought condition should limit upside to 110.35 (50% Fibonacci retracement of 121.69-99.01) and reckon 110.50 would hold from here.

In view of this, would not chase this rise at current level and would be prudent to buy dollar on pullback as 108.00-05 should limit downside. Only below support at 107.77 would abort and signal a temporary top is formed, bring correction to the 107.45-50 but previous resistance at 106.95 should remain intact.

About the Author

Candlesticks Intraday Trade Ideas Update Schedule (GMT):



1st Update: 0630 – 0700; 2nd Update: 0930 – 1000; 3rd Update: 1230 – 1300; 4th Update: 1500 – 1530



Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF

Elliott Wave Daily Trade Ideas Update Schedule (GMT):



AUD/USD, EUR/JPY: 0800 – 0830; EUR/GBP, USD/CAD: 1430 – 1500 GMT

Trade Idea Update: USD/JPY - Buy at 108.05