USD/JPY – 111.74
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 111.79
Kijun-Sen level : 111.87
Ichimoku cloud top : 112.14
Ichimoku cloud bottom : 112.03
Original strategy :
Sold at 112.25, Target: 111.25, Stop: 112.25
Position : – Short at 112.25
Target : – 111.25
Stop : – 112.25
New strategy :
Hold short entered at 112.25, Target: 111.25, Stop: 112.25
Position : – Short at 112.25
Target : – 111.25
Stop : – 112.25
As dollar has remained under pressure after breaking below last week’s low at 111.99, adding credence to our bearishness and signaling the fall from 113.44 top is still in progress, hence downside bias remains for this move to extend weakness to 111.70 (100% projection of 113.44-112.32 measuring from 112.83), below there would bring subsequent decline to 111.47 support but oversold condition would limit downside and reckon 111.11 support would remain intact.
In view of this, we are holding on to our short position entered at 112.25. Only above resistance at 112.59 would abort and signal low is formed instead, risk a stronger rebound to indicated resistance level at 112.83.
