USD/JPY – 110.59
Most recent candlesticks pattern  : N/A
Trend                     : Near term down
Tenkan-Sen level             : 110.68
Kijun-Sen level                 : 110.73
Ichimoku cloud top            : 110.64
Ichimoku cloud bottom     : 110.45
Original strategy :
Buy at 110.45, Target: 111.45, Stop: 110.10
Position :Â –
Target :Â –
Stop : –
New strategy :
Buy at 110.30, Target: 111.30, Stop: 109.95
Position :Â –
Target :Â –
Stop : –
As the greenback has retreated again today, suggesting near term downside risk remains for marginal weakness to 110.30-40, however, if our view that a temporary low formed at 109.85 last week is correct, downside should be limited and 110.00 should hold, bring another rebound later, above 110.90-95 would extend the rebound from 109.85 for retracement of recent decline towards 111.29-30 (previous resistance and 61.8% Fibonacci retracement of 112.20-109.85), having said that, break there is needed to add credence to this view, bring a stronger rebound to 111.50 but price should falter below another previous resistance at 111.71.
In view of this, we are looking to buy dollar on dips as 110.30-40 should limit downside and bring another rise later. Below 110.000 would signal the rebound from 109.85 has ended, bring retest of this level, below there would extend recent decline to 109.70 and later towards 109.50.
