USD/JPY – 110.80
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 111.00
Kijun-Sen level : 111.21
Ichimoku cloud top : 111.49
Ichimoku cloud bottom : 111.37
Original strategy :
Sold at 111.45, Target: 110.45, Stop: 111.75
Position : – Short at 111.45
Target : – 110.45
Stop : – 111.75
New strategy :
Hold short entered at 111.45, Target: 110.45, Stop: 111.40
Position : – Short at 111.45
Target : – 110.45
Stop : – 111.40
As the greenback has fallen again after meeting renewed selling interest at 111.71, retaining our bearishness for a retest of this week’s low t 110.62, however, break there is needed to confirm recent decline has resumed and extend further weakness to 110.30-35 but reckon 110.00-05 would hold from here due to near term oversold condition, risk from there is seen for a rebound next week.
In view of this, we are holding on to our short position entered at 111.45. Only above said resistance at 111.71 would defer and prolong choppy trading, however, price should still falter below said resistance at 112.20, bring retreat later.
