USD/JPY – 113.38
Most recent candlesticks pattern  : N/A
Trend                     : Near term down
Tenkan-Sen level             : 113.40
Kijun-Sen level                 : 113.47
Ichimoku cloud top            : 113.87
Ichimoku cloud bottom     : 113.82
Original strategy :
Sold at 114.00, Target: 113.00, Stop: 114.00
Position :Â – Short at 114.00
Target :Â – 113.00
Stop : – 114.00
New strategy :
Hold short entered at 114.00, Target: 113.00, Stop: 113.70
Position :Â – Short at 114.00
Target :Â – 113.00
Stop : – 113.70
As the greenback recovered after falling to 113.09 yesterday, suggesting consolidation would be seen, however, reckon upside would be limited to 113.65-70 and bring another decline later, below said support at 113.09 would extend the fall from 114.74 top to previous support at 112.96 but break there 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 near term oversold condition.
In view of this, we are holding on to our short position entered at 114.00. Only above resistance at 114.07 would abort and signal the retreat from 114.74 has ended instead, bring a stronger rebound to 114.34, then retest of this level, above there would revive bullishness and extend recent rise from 107.32 to 115.00.
