USD/JPY – 111.51
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 111.38
Kijun-Sen level : 111.49
Ichimoku cloud top : 111.78
Ichimoku cloud bottom : 111.37
Original strategy :
Sold at 111.45, Target: 110.45, Stop: 111.80
Position : – Short at 111.45
Target : – 110.45
Stop : – 111.80
New strategy :
Hold short entered at 111.45, Target: 110.45, Stop: 111.80
Position : – Short at 111.45
Target : – 110.45
Stop : – 111.80
The greenback found support at 110.78 and has rebounded, suggesting further consolidation above this week’s low at 110.62 would be seen and marginal gain from here cannot be ruled out, however, reckon the upper Kumo (now at 111.78) would hold and bring retreat later, below said support at 110.78 would signal decline has resumed for retest of 110.62, break there would extend recent fall to 110.30-35.
In view of this, we are holding on to our short position entered at 111.45. Above 111.75-80 would defer and prolong choppy trading, however, price should still falter below said resistance at 112.20, bring retreat later.
