USD/JPY – 113.60
Most recent candlesticks pattern  : N/A
Trend                     : Near term up
Tenkan-Sen level             : 113.66
Kijun-Sen level                 : 113.85
Ichimoku cloud top            : 114.19
Ichimoku cloud bottom     : 114.07
Original strategy :
Bought at 113.85, stopped at 113.65
Position :Â – Long at 113.85
Target :Â –
Stop : – 113.65
New strategy :
Sell at 114.00, Target: 113.00, Stop: 114.35
Position :Â –
Target :Â –
Stop : –
As the greenback has fallen again on active cross-buying in yen, dampening our bullishness and suggesting top has been formed at 114.74, hence consolidation with downside bias is seen for the fall from there to bring retracement of recent upmove, hence further weakness to 113.15-20 (50% Fibonacci retracement of 111.65-114.74), then test of previous support at 112.96 would be seen, however, break of latter level is needed to add credence to this view, bring further subsequent selloff to 112.60 but support at 112.30 should hold from here due to oversold condition.
In view of this, we are looking to sell dollar on recovery as 114.00 should limit upside. Only above resistance at 114.34 would abort and signal the retreat from 114.74 has ended instead, bring retest of this level first, above there would revive bullishness and extend recent rise from 107.32 to 115.00.
