USD/JPY – 110.47
Most recent candlesticks pattern  : N/A
Trend                     : Near term down
Tenkan-Sen level             : 110.58
Kijun-Sen level                 : 110.65
Ichimoku cloud top            : 111.49
Ichimoku cloud bottom     : 111.17
New strategy :
Sell at 111.20, Target: 110.20, Stop: 111.55
Position :Â –
Target :Â –
Stop : –
As the greenback has remained under pressure after recent anticipated selloff, adding credence to our bearish view that the decline from 114.50 is still in progress and downside bias remains for further weakness to 110.00-05 but near term oversold condition should limit downside to 109.75-80 and reckon 109.50 would hold from here, risk from there is seen for a rebound later.
In view of this, would not chase this fall here and would be prudent to sell dollar again on subsequent rebound as 111.29 resistance should cap upside. Above the upper Kumo (now at 111.49) would defer but only break of resistance at 111.71 would abort and signal low is formed instead, bring subsequent rise towards last week’s high at 112.20.
