USD/JPY – 110.49
Most recent candlesticks pattern  : N/A
Trend                     : Near term up
Tenkan-Sen level             : 110.46
Kijun-Sen level                 : 110.20
Ichimoku cloud top            : 109.41
Ichimoku cloud bottom     : 109.10
Original strategy :
Buy at 109.55, Target: 110.55, Stop: 109.20
Position :Â –
Target :Â –
Stop : –
New strategy :
Buy at 109.95, Target: 110.95, Stop: 109.60
Position :Â –
Target :Â –
Stop : –
As the greenback has continued moving higher after rallying from 108.27 low, suggesting recent decline from 114.50 has ended there and consolidation with upside bias is seen for this move to bring retracement of said entire fall to 110.65 (38.2% Fibonacci retracement of 114.50-108.27), then towards 111.00, however, reckon upside would be limited to 111.15-20 and price should falter below 111.40 (approx. 50% Fibonacci retracement), bring retreat later due to near term overbought condition.
In view of this, would not chase this rise here and we are looking to buy dollar on pullback as previous resistance at 109.85-90 should turn into support and contain dollar’s downside. Only below support at 109.54 would abort and signal top is formed instead, bring weakness to 109.15-20.
