USD/JPY – 109.26
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 109.43
Kijun-Sen level : 109.48
Ichimoku cloud top : 110.69
Ichimoku cloud bottom : 110.15
Original strategy :
Sell at 110.20, Target: 109.20, Stop: 110.55
Position : –
Target : –
Stop : –
New strategy :
Sell at 109.90, Target: 108.90, Stop: 110.25
Position : –
Target : –
Stop : –
As the greenback has fallen again after brief recovery, suggesting recent decline from 114.37 is still in progress and bearishness remains for further weakness to 109.00-05 (1.236 times projection of 111.71-110.31 measuring from 110.73), then towards 108.70-75 but near term oversold condition should limit downside to 108.45-50 (1.618 times projection), bring rebound later.
In view of this, would not chase this fall here and would be prudent to sell dollar on recovery as 109.90-00 should limit upside and bring another decline. Above previous support at 110.24 (now resistance) would defer and suggest low is formed instead, bring a stronger rebound to 110.60 but resistance at 110.73 should remain intact.
