USD/JPY – 110.60
Most recent candlesticks pattern  : N/A
Trend                     : Near term up
Tenkan-Sen level             : 110.13
Kijun-Sen level                 : 109.80
Ichimoku cloud top            : 109.77
Ichimoku cloud bottom     : 109.77
Original strategy :
Buy at 109.90, Target: 110.90, Stop: 109.55
Position :Â –
Target :Â –
Stop : –
New strategy :
Buy at 109.90, Target: 110.90, Stop: 109.55
Position :Â –
Target :Â –
Stop : –
The greenback has rallied again after staging a strong rebound yesterday and resistance at 110.35 was penetrated, suggesting recent decline has indeed ended at 108.82 and upside bias is seen for further gain towards resistance at 110.81, however, break there is needed to retain bullishness and extend the rise from 108.82 low for retracement of recent downtrend to 111.00 and possibly towards 111.25-30.
In view of this, we are looking to buy dollar on pullback as 109.85-90 should limit downside. Only below 109.45-50 would suggest an intra-day top is formed instead, risk weakness to 109.20-25 but price should stay well above said yesterday’s low at 108.82, bring another rebound later.
