USD/JPY – 109.97
Most recent candlesticks pattern  : N/A
Trend                     : Near term down
Tenkan-Sen level             : 109.87
Kijun-Sen level                 : 109.22
Ichimoku cloud top            : 109.09
Ichimoku cloud bottom     : 108.83
New strategy :
Buy at 109.45, Target: 110.45, Stop: 109.10
Position :Â –
Target :Â –
Stop : –
As the greenback has staged a strong rise after holding above previous chart support at 108.13, suggesting the decline from 114.50 has ended at 108.27 yesterday and mild upside bias is seen for this move to bring retracement of recent decline, hence test of resistance at 110.37 would be seen, however, reckon 110.55 (61.8% projection of 108.27-109.90 measuring from 109.54) would limit upside and price should falter well below resistance at 110.95, bring retreat later.
In view of this, would not chase this rise here and we are looking to buy dollar on pullback to 109.40-45 should limit downside and bring another upmove. Below the Kijun-Sen (now at 109.22) would defer and suggest an intra-day top is formed instead, bring weakness to 108.95-00 first.
