Trade Idea: USD/JPY – Buy at 82.20 Candlesticks and Ichimoku Intraday | Dec 12 12 08:05 GMT+1

USD/JPY – 82.71

Most recent candlesticks pattern   : N/A

Trend                              : Sideways

Tenkan-Sen level              : 82.61
Kijun-Sen level                   : 82.52
Ichimoku cloud top                : 82.47
Ichimoku cloud bottom            : 82.34

Original strategy  :  

Buy at 81.80, Target: 82.80, Stop: 81.45

Position: -
Target:  -
Stop:-

New strategy  :  

Buy at 82.20, Target: 83.20, Stop: 81.85

Position: -
Target:  -
Stop:-

Current cross-inspired rebound suggests a retest of strong resistance at 82.84 would be seen, however, above there is needed to signal an upside break of recent established range of 81.69-82.84 has occurred and extend recent upmove to 83.00, then 83.20 later but near term overbought condition should prevent sharp move beyond 83.50, risk from there is seen for a retreat later.

In view of this, we are looking to buy dollar again on dips. Below said support at 82.12 would prolong choppy trading and weakness to 81.95-00 would follow but support at 81.69 should limit downside and dollar should stay well above support at 81.10-14.

IMOH, Clement I
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