USD/JPY – 110.13
Most recent candlesticks pattern  : N/A
Trend                     : Near term down
Tenkan-Sen level             : 110.26
Kijun-Sen level                 : 110.29
Ichimoku cloud top            : 111.01
Ichimoku cloud bottom     : 110.70
Original strategy :
Sell at 110.90, Target: 109.90, Stop: 111.25
Position :Â –
Target :Â –
Stop : –
New strategy :
Sell at 110.90, Target: 109.90, Stop: 111.25
Position :Â –
Target :Â –
Stop : –
As the greenback has remained under pressure, suggesting recent selloff from 114.50 top is still in progress and bearishness remains for this move to extend weakness to 109.75-80 but loss of downward momentum should limit downside to 109.50 and reckon 109.20-25 would hold.
In view of this, would not chase this fall here and would be prudent to sell dollar again on subsequent recovery as resistance at 110.77 should limit upside. Above the upper Kumo (now at 111.01) 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.
