USD/JPY – 111.25
Most recent candlesticks pattern  : N/A
Trend                     : Near term up
Tenkan-Sen level             : 111.17
Kijun-Sen level                 : 111.35
Ichimoku cloud top            : 111.37
Ichimoku cloud bottom     : 111.35
Original strategy :
Buy at 110.65, Target: 111.65, Stop: 110.30
Position :Â –
Target :Â –
Stop : –
New strategy :
Buy at 110.65, Target: 111.65, Stop: 110.30
Position :Â –
Target :Â –
Stop : –
As the greenback slipped again after faltering below recent high at 111.79, retaining our view that further consolidation below this level would be seen and pullback to 110.80 is likely, however, reckon previous support at 110.65 would limit downside and bring another rise later, above 111.45-50 would bring retest of 111.79 but break there is needed to confirm the rise from 108.82 low has resumed and extend headway to 111.90-95 (50% projection of 108.82-111.42-110.65), however, upside should be limited to resistance at 112.13 and 112.25 (61.8% Fibonacci retracement of 114.37-108.82 and 61.8% projection) should hold.
In view of this, would not chase this rise here and we are looking to buy dollar on pullback as 110.65 support should limit downside. Below 110.30-35 (50% Fibonacci retracement of 108.82-111.79 and previous resistance turned support) would abort and signal a temporary top has been formed instead, risk weakness towards 109.95-00 (61.8% Fibonacci retracement).
