USD/JPY – 109.78
Most recent candlesticks pattern  : N/A
Trend                     : Near term up
Tenkan-Sen level             : 110.06
Kijun-Sen level                 : 109.74
Ichimoku cloud top            : 109.21
Ichimoku cloud bottom     : 109.09
Original strategy :
Buy at 109.50, Target: 110.50, Stop: 109.15
Position :Â –
Target :Â –
Stop : –
New strategy :
Buy at 109.30, Target: 110.30, Stop: 108.95
Position :Â –
Target :Â –
Stop : –
Although the greenback opened higher today and rallied to as high as 110.60, the subsequent retreat suggests consolidation below this level would be seen and pullback to 109.60-65 (38.2% Fibonacci retracement of 108.13-110.60) cannot be ruled out, however, reckon 109.30-35 (approx. 50% Fibonacci retracement) would limit downside and bring another rise later, above 110.35 would signal the pullback from 110.60 has ended, bring retest of this level first. Looking ahead, above 110.60 would extend recent upmove to 111.00 but overbought condition should limit upside and price should falter well below resistance at 111.58.
In view of this, would not chase this rise here and would be prudent to buy dollar again on further pullback as 109.30-35 should limit downside. Below the upper Kumo (now at 109.20) would suggest an intra-day top is formed, bring weakness to the lower Kumo (now at 109.09) but break of support at 108.88 is needed to confirm.
