Trade Idea Update: USD/JPY - Buy at 112.05

Candlesticks and Ichimoku Intraday |

Written by Action Forex |

Nov 24 16 13:49 GMT

USD/JPY – 113.20

Original strategy  :

Buy at 112.05, Target: 113.50, Stop: 111.70

Position :  –

Target :  –

Stop : –

New strategy  :

Buy at 112.05, Target: 113.50, Stop: 111.70

Position :  –

Target :  –

Stop : –

The greenback has eased after rising to 113.53 in European morning, suggesting consolidation below this level would be seen and pullback to 112.40-45 cannot be ruled out, however, reckon 112.00-05 would limit downside and bring another upmove later to 113.55-60 (61.8% projection of 106.03-111.36 measuring from 110.27), then 113.80-85 (previous resistance and 61.8% projection of 101.19-109.76 measuring from 108.55) but reckon upside would be limited to 104.00 and price should falter below 114.30-35 (61.8% Fibonacci retracement of 123.76-99.01).

In view of this, would not chase this rise here and would be prudent to buy dollar on subsequent pullback as 112.00-05 should limit downside. Below 111.70 (61.8% Fibonacci retracement of 110.56-113.53) would defer and risk correction to previous resistance at 111.36 (now support) first.

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Trade Idea Update: USD/JPY - Buy at 112.05