Trade Idea Wrap-up: USD/JPY - Buy at 112.05

USD/JPY – 113.14

Most recent candlesticks pattern   : N/A

Trend                      : Up

Tenkan-Sen level              : 113.14

Kijun-Sen level                  : 112.80

Ichimoku cloud top             : 111.46

Ichimoku cloud bottom      : 111.19

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 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.

Trade Idea Wrap-up: USD/JPY - Buy at 112.05