USD/JPY – 110.30
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 109.98
Kijun-Sen level : 109.98
Ichimoku cloud top : 109.98
Ichimoku cloud bottom : 109.66
Original strategy :
Buy at 109.30, Target: 110.30, Stop: 108.95
Position : –
Target : –
Stop : –
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although the greenback found good support at 109.59 and has rebounded, break of yesterday’s high at 110.60 is needed to signal recent upmove from 108.13 low has resumed and may extend further gain to 110.90-00, however, near term overbought condition should prevent sharp move beyond 111.25-30 and price should falter well below resistance at 111.58, risk from there is seen for a retreat later.
In view of this, would not chase this rise here and would be prudent to stand aside in the meantime. Below 109.90-95 would risk another retreat to 109.59 but break of previous resistance at 109.49 is needed to signal top is formed instead, bring correction of recent rise to 109.05-10 (61.8% Fibonacci retracement of 108.13-110.60).
