Trade Idea Wrap-up: USD/JPY - Hold long entered at 104.60
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Trade Idea Wrap-up: USD/JPY - Hold long entered at 104.60
Most recent candlesticks pattern : N/A
Tenkan-Sen level : 105.03
Ichimoku cloud top : 105.21
Ichimoku cloud bottom : 104.79
Bought at 104.60, Target: 105.60, Stop: 104.60
Position : – Long at 104.60
Hold long entered at 104.60, Target: 105.60, Stop: 104.70
Position : – Long at 104.60
Although the greenback opened lower earlier today and fell to as low as 104.31, as dollar held above indicated previous support at 104.30 and has staged a strong rebound, retaining our bullishness for another rise to last week’s high of 105.53, break there would confirm recent upmove has resumed for headway to 105.70 (1.236 times projection of 103.52-104.88 measuring from 104.02) but reckon upside would be limited to 106.00.
In view of this, we are holding on to our long position entered at 104.60. Only below support at 104.30-31 would abort and signal top has been formed, bring test of another previous support at 104.02, break there would provide confirmation.
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