USD/JPY – 112.57
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 112.43
Kijun-Sen level : 112.23
Ichimoku cloud top : 112.33
Ichimoku cloud bottom : 112.14
Original strategy :
Sold at 112.60, Target: 111.60, Stop: 112.95
Position : – Short at 112.60
Target : – 111.60
Stop : – 112.95
New strategy :
Hold short entered at 112.60, Target: 111.60, Stop: 112.95
Position : – Short at 112.60
Target : – 111.60
Stop : – 112.95
Although the greenback opened lower earlier today, renewed buying interest emerged just below 112.00 and has rebounded again, suggesting further consolidation would be seen, however, as long as last week’s high at 112.93 holds, mild downside bias remains for another retreat, below 111.90-95 would bring test of indicated support at 111.73 but break there is needed to add credence to our view that a temporary top has been formed at 112.93, bring retracement of recent rise to 111.46 support first, then towards 111.15-20.
In view of this, we are holding on to our short position entered at 112.60. Only above said resistance at 112.93 would abort and confirm recent upmove has resumed for headway to 113.15-20 first, then towards 113.40-50.
