USD/JPY – 109.55
Most recent candlesticks pattern  : N/A
Trend                     : Down
Tenkan-Sen level             : 109.44
Kijun-Sen level                 : 108.96
Ichimoku cloud top            : 108.22
Ichimoku cloud bottom     : 108.15
Original strategy :
Sold at 109.35, Target: 108.35, Stop: 109.70
Position :Â – Short at 109.35
Target :Â – 108.35
Stop : – 109.70
New strategy :
Hold short entered at 109.35, Target: 108.35, Stop: 109.70
Position :Â – Short at 109.35
Target :Â – 108.35
Stop : – 109.70
Although the greenback has continued edging higher today and marginal gain from here cannot be ruled out, loss of near term upward momentum should prevent sharp move beyond 109.70 and bring retreat later, below the Kijun-Sen (now at 108.96) would suggest an intra-day top is formed, bring weakness to 108.60-65, break there would add credence to this view, then test of the Ichimoku cloud (now at 108.15-22) would follow but downside should be limited to 107.85, bring rebound later.
In view of this, we are holding on to our short position entered at 109.55. Above 109.70 would defer and signal low has been formed, bring a stronger rebound towards resistance at 109.93 but reckon 110.20 would hold from here due to near term overbought condition.
