USD/JPY – 110.30
Most recent candlesticks pattern  : N/A
Trend                     : Near term down
Tenkan-Sen level             : 110.08
Kijun-Sen level                 : 109.94
Ichimoku cloud top            : 109.41
Ichimoku cloud bottom     : 109.26
Original strategy :
Sold at 110.10, Target: 109.10, Stop: 110.45
Position :Â – Short at 110.10
Target :Â – 109.10
Stop : – 110.45
New strategy :
Exit short entered at 110.10
Position :Â – Short at 110.10
Target :Â –
Stop : –
As the greenback has maintained a firm undertone after breaking above resistance at 110.18, suggesting the rebound from 108.73 low is still in progress and near term upside risk remains for further gain to 110.49-50 (100% projection of 108.73-109.80 measuring from 109.42), then towards resistance at 110.83, however, near term overbought condition should prevent sharp move beyond previous resistance at 111.05, risk from there is seen for a retreat later.
In view of this, would be prudent to exit short entered at 110.10 and stand aside for now. below the Kijun-Sen (now at 109.94) would bring test of previous resistance at 109.80 but break of support at 109.42 is needed to signal top is formed and revive bearishness for weakness towards 109.00.
