Trade Idea Wrap-up: USD/JPY – Buy at 112.80

Trade Idea Wrap-up: USD/JPY – Buy at 112.80

Trade Idea Wrap-up: USD/JPY – Buy at 112.80

USD/JPY – 113.39
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 113.30
Kijun-Sen level : 112.93
Ichimoku cloud top : 112.73
Ichimoku cloud bottom : 112.64
Original strategy :
Buy at 112.80, Target: 113.80, Stop: 112.45
Position : –
Target : –
Stop : –
New strategy :
Buy at 112.80, Target: 113.80, Stop: 112.45
Position : –
Target : –
Stop : –
Although the greenback retreated to as low as 112.30 yesterday, dollar found renewed buying interest there and has rallied again, suggesting the rise from 111.65 is still in progress, hence bullishness remains for this move to extend further gain to 113.44 resistance, break of this recent high would provide confirmation and encourage for headway to 113.75-80 but reckon 114.00-10 would hold from here due to oversold condition.
In view of this, we are looking to buy dollar again on pullback as the Kijun-Sen (now at 112.93) should limit downside. Below the lower Kumo (now at 112.64) would defer and risk test of said support at 112.30 but break there is needed to signal top is formed instead, bring test of indicated strong support area at 112.03-13.

Author: Action ForexMore from the author

  • Trade Idea : USD/CHF – Buy at 0.9795 – Oct 23 06:07 GMT
  • Trade Idea : GBP/USD – Sell at 1.3285 – Oct 23 06:06 GMT
  • Trade Idea : EUR/USD – Stand aside – Oct 23 06:04 GMT
  • Trade Idea : USD/JPY – Buy at 113.20 – Oct 23 06:03 GMT
  • Trade Idea: GBP/USD – Stand aside – Oct 23 06:00 GMT
  • Trade Idea: GBP/JPY – Buy at 149.50 – Oct 23 05:59 GMT
  • Trade Idea: EUR/JPY – Buy at 133.20 – Oct 23 05:58 GMT
  • Trade Idea: AUD/USD – Hold short entered at 0.7875 – Oct 23 05:56 GMT
  • EUR/USD Candlesticks and Ichimoku Analysis – Oct 23 05:54 GMT
  • USD/JPY Candlesticks and Ichimoku Analysis – Oct 23 05:52 GMT
  • More…

Original Article