USD/JPY – 113.55
Most recent candlesticks pattern  : N/A
Trend                     : Near term down
Tenkan-Sen level             : 113.45
Kijun-Sen level                 : 113.87
Ichimoku cloud top            : 113.75
Ichimoku cloud bottom     : 113.66
Original strategy :
Sold at 114.00, Target: 113.00, Stop: 114.00
Position :Â – Short at 114.00
Target :Â – 113.00
Stop : – 114.00
New strategy :
Hold short entered at 114.00, Target: 113.00, Stop: 114.00
Position :Â – Short at 114.00
Target :Â – 113.00
Stop : – 114.00
As the greenback has dropped today after meeting renewed selling interest at 114.07 (we recommended to sell at 114.00 and a short position was entered), retaining our bearishness for the fall from 114.74 top to extend weakness to 113.15-20 (50% Fibonacci retracement of 111.65-114.74), then test of previous support at 112.96, however, break of latter level is needed to add credence to this view, bring further subsequent selloff to 112.60 but support at 112.30 should hold from here due to near term oversold condition.
In view of this, we are holding on to our short position entered at 114.00. Only above resistance at 114.34 would abort and signal the retreat from 114.74 has ended instead, bring retest of this level first, above there would revive bullishness and extend recent rise from 107.32 to 115.00.
