Trade Idea: USD/JPY — Buy at 95.00

USD/JPY - 95.40

Most recent candlesticks pattern : Hammer
Trend : Down

Tenkan-Sen level : 95.52
Kijun-Sen level : 95.72
Ichimoku cloud top : 96.78
Ichimoku cloud bottom : 95.86

Original strategy : Buy at 95.00, Target: 96.00, Stop: 94.50

New Strategy : Buy at 95.00, Target: 96.00, Stop: 94.50

The greenback hasn't move much after our previous update and as price is still staying below the flat ground Kijun-Sen, suggesting marginal fall below 95.04 still cannot be ruled out, however, we are also maintaining our consolidative view on the dollar and support at 94.88 should limit downside, bring another corrective rebound, break of the Kijun-Sen (now at 95.72) would suggest the retreat from 96.58 has ended and further recovery to the Ichimoku cloud bottom (currently locating at 95.86) would follow, then 96.05/10, however, price should continue to falter below resistance at 96.58.

We are still looking to buy the currency pair at 95.00 for rebound to 96.00 but one must book profit on such a move. If support at 94.88 is broken, this would dampen this near term bullish scenario and fall to 94.50 cannot be ruled out but only break there would extend the decline from 98.90 towards 94.00/10 but the currency pair is likely to find good support there and stage a strong rebound later.

Based on ActionForex.com Technical Outlook