USD/JPY – 109.12
Most recent candlesticks pattern  : N/A
Trend                     : Down
Tenkan-Sen level             : 109.65
Kijun-Sen level                 : 109.65
Ichimoku cloud top            : 110.22
Ichimoku cloud bottom     : 110.03
Original strategy :
Sell at 109.70, Target: 108.70, Stop: 110.05
Position :Â –
Target :Â –
Stop : –
New strategy :
Sell at 109.60, Target: 108.60, Stop: 109.95
Position :Â –
Target :Â –
Stop : –
The greenback ran into renewed selling interest at 110.35 and has dropped sharply in NY morning, current breach of 109.63 and 109.38 support signal recent decline from 114.37 top has resumed an bearishness remains for this move to extend further weakness to 108.85-90 (1.236 times projection of 110.81-109.63 measuring from 110.35), however, near term oversold condition should limit downside to 108.40-45 (1.618 times projection) today and price should stay well above previous chart support at 108.13.Â
In view of this, we are looking to sell dollar on recovery as 109.63 (previous support turned resistance) should limit upside. Above 109.95-00 would defer and prolong consolidation but only break of resistance at 110.35 would signal an intra-day low is formed instead, bring another bounce to 110.50, then towards said resistance at 110.81.Â
