USD/JPY – 112.57
Most recent candlesticks pattern  : N/A
Trend                     : Up
Tenkan-Sen level             : 112.67
Kijun-Sen level                 : 112.67
Ichimoku cloud top            : 112.88
Ichimoku cloud bottom     : 112.69
Original strategy :
Sell at 113.10, Target: 112.10, Stop: 113.45
Position :Â –
Target :Â –
Stop : –
New strategy :
Sell at 113.10, Target: 112.10, Stop: 113.45
Position :Â –
Target :Â –
Stop : –
Although the greenback recovered after finding support at 112.32 again and consolidation with initial mild upside bias is seen, if our view that top has been made at 113.44 last week is correct, upside would be limited to 113.10-20 and bring retreat later, below said support at 112.32 would add credence to this view and bring test of support at 112.21, break there would bring retracement of early upmove to 112.00, then 111.75-80 but previous support at 111.47 should remain intact.
In view of this, we are looking to sell dollar on recovery as resistance area at 113.20-26 should cap upside and bring another decline to aforesaid downside targets. Only break of said resistance at 113.44 would abort and signal recent upmove is still in progress for further gain to 113.75-80 and possibly towards 114.00-10 which is likely to hold from here, bring correction later.Â
