Trade Idea Wrap-up: USD/JPY - Buy at 109.50

USD/JPY – 111.17

Most recent candlesticks pattern   : N/A

Trend                      : Up

Tenkan-Sen level              : 110.90

Kijun-Sen level                  : 110.82

Ichimoku cloud top             : 110.68

Ichimoku cloud bottom      : 110.05

Original strategy  :

Buy at 109.50, Target: 111.00, Stop: 109.15

Position :  –

Target :  –

Stop : –

New strategy  :

Buy at 109.50, Target: 111.00, Stop: 109.15

Position :  –

Target :  –

Stop : –

Although the greenback has rebounded after finding support at 110.27 and test of 111.36 resistance is likely, break there is needed to signal recent upmove from 99.01 low has once again resumed and extend gain to 111.50, then 111.75-80 (100% projection of 101.19-106.95 measuring from 106.03) but overbought condition should limit upside to 112.00, risk from there has increased for a retreat to take place later.

In view of this, would not chase this rise here and would be prudent to buy dollar on subsequent pullback, below 110.27 would bring minor correction to 110.00. then 109.80 but reckon 109.50-60 would limit downside and bring another upmove later.

Trade Idea Wrap-up: USD/JPY - Buy at 109.50