USD/JPY – 111.33
Most recent candlesticks pattern  : N/A
Trend                     : Near term down
Tenkan-Sen level             : 111.53
Kijun-Sen level                 : 111.60
Ichimoku cloud top            : 111.70
Ichimoku cloud bottom     : 111.52
Original strategy :
Bought at 111.50, Target: 112.50, Stop: 111.15
Position :Â – Long at 111.50
Target :Â – 112.50
Stop : – 111.15
New strategy :
Hold long entered at 111.50, Target: 112.50, Stop: 111.15
Position :Â – Long at 111.50
Target :Â – 112.50
Stop : – 111.15
As the greenback has dropped again after faltering below 112.00, suggesting caution on our long position entered at 111.50 and 111.15-20 needs to hold to retain prospect of another rebound to 111.70 but break of 112.00 is needed to signal the pullback from 112.13 has ended, bring test of this level, break there would extend the erratic rise from 110.24 low to 112.36 (100% projection of 110.4-11174 measuring from 110.86) and then 112.45-50 (61.8% Fibonacci retracement).
In view of this, we are holding on to our long position entered at 111.50. Below 111.15-20 would abort and risk weakness to indicated support at 110.86 but only break there would confirm top has been formed and suggest the rise from 110.24 has ended, then further fall to 110.50-55 would follow.
