USD/JPY – 110.21
Most recent candlesticks pattern  : N/A
Trend                     : Near term down
Tenkan-Sen level             : 110.22
Kijun-Sen level                 : 110.39
Ichimoku cloud top            : 111.01
Ichimoku cloud bottom     : 110.65
Original strategy :
Sell at 111.20, Target: 110.20, Stop: 111.55
Position :Â –
Target :Â –
Stop : –
New strategy :
Sell at 110.75, Target: 109.75, Stop: 111.10
Position :Â –
Target :Â –
Stop : –
As the greenback has fallen again after meeting renewed selling interest at 110.77 yesterday, 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, then 109.75-80 but near term oversold condition should limit downside to 109.50 and reckon 109.20-25 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 recovery as said resistance at 110.77 should limit upside. Above 111.00-05 would defer and risk test of 111.29 resistance but only break there would signal a temporary low is formed instead, bring rebound to 111.50-55 first.
