USD/JPY – 108.55
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 108.56
Kijun-Sen level : 108.73
Ichimoku cloud top : 109.14
Ichimoku cloud bottom : 108.84
Original strategy :
Sell at 109.55, Target: 108.55, Stop: 109.90
Position : –
Target : –
Stop : –
New strategy :
Sell at 108.75, Target: 107.75, Stop: 109.10
Position : –
Target : –
Stop : –
As the greenback has dropped after meeting resistance at 109.40, suggesting recent decline would resume and break of previous support at 108.13, break there would extend recent downtrend to 107.75-80 and possibly towards 107.50, however, near term oversold condition would prevent sharp fall below latter level and reckon 107.20-25 would hold today, bring rebound tomorrow.
In view o this, we are still looking to sell dollar on recovery but at a lower level as 108.90-00 should cap upside. Above 109.00 would suggest an intra-day low is possibly formed but only break of said resistance at 109.40 would confirm and signal recent decline has ended instead, bring a stronger rebound to 109.70-80 first.
