USD/JPY – 109.65
Most recent candlesticks pattern  : N/A
Trend                     : Down
Tenkan-Sen level             : 109.54
Kijun-Sen level                 : 109.59
Ichimoku cloud top            : 110.07
Ichimoku cloud bottom     : 109.98
Original strategy :
Sold at 109.60, Target: 108.60, Stop: 109.95
Position :Â – Short at 109.60
Target :Â – 108.60
Stop : – 109.95
New strategy :
Hold short entered at 109.60, Target: 108.60, Stop: 109.90
Position :Â – Short at 109.60
Target :Â – 108.60
Stop : – 109.90
Although the greenback staged a strong rebound after marginal fall to 108.82 and consolidation above this level would be seen, as long as 109.85-90 holds, mild downside bias remains for another retreat, below 109.20-25 would bring retest of said support but break there is needed to confirm recent decline from 114.37 top has resumed for further weakness towards 108.40-45 (1.618 times projection of 110.81-109.63 measuring from 110.35), however, price should stay well above previous chart support at 108.13.Â
In view of this, we are holding on to our short position entered at 109.60. Above 109.85-90 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
