Trade Idea: USD/JPY - Buy at 118.65

USD/JPY - 119.09

Most recent candlesticks pattern   : N/A

Trend                      : Sideways


Tenkan-Sen level              : 119.02

Kijun-Sen level                  : 118.75

Ichimoku cloud top             : 118.93

Ichimoku cloud bottom      : 118.93


New strategy  :

Buy at 118.65 Target: 119.65, Stop: 118.30

Position :  -

Target :  -

Stop : -

As the greenback found renewed buying interest just above last week's low at 118.23 and has staged a quick rebound, suggesting further consolidation within recent established range would be seen with mild upside bias for another bounce to resistance at 119.42 (last week's high), above there would bring a stronger rebound to 119.65-70 and possibly towards 119.85 but reckon 120.00 would cap upside.
In view of this, we are looking to buy dollar on dips as 118.60-65 should limit downside, only break of support area at 118.23-30 would shift risk to downside and extend the fall from 120.48 top to previous resistance at 118.00 and later towards another previous resistance at 117.60 but price should stay above support at 117.18, bring rebound later.

 
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