Trade Idea: USD/JPY – Buy at 81.80 Candlesticks and Ichimoku Intraday | Dec 10 12 07:22 GMT

USD/JPY – 82.43

Most recent candlesticks pattern   : N/A

Trend                              : Sideways

Tenkan-Sen level              : 82.51
Kijun-Sen level                   : 82.51
Ichimoku cloud top                : 82.42
Ichimoku cloud bottom            : 82.34

Strategy  :  

Buy at 81.80, Target: 82.80, Stop: 81.45

Despite Friday's brief rise to 82.84 after the release of better-than-expected U.S. job data, as dollar has retreated after failing to penetrate indicated upper range of 82.84, retaining our view that further choppy trading within recent established range of 81.69-82.84 would be seen, risk remains for retreat to 82.00-05, however, support at 81.73 should limit downside and bring another rise later. A breach of said upper range would signal recent rise has resumed and extend gain to 83.00, then 83.20 later but price should falter below 83.50.

In view of this, we are looking to buy dollar again on dips. Below said support at 81.69 would risk weakness to 81.30 but reckon support at 81.10-14 would limit downside and price should stay well above previous support at 80.90.


IMOH, Clement I
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