USD/JPY – 112.72
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 112.86
Kijun-Sen level : 113.05
Ichimoku cloud top : 113.65
Ichimoku cloud bottom : 113.57
Original strategy :
Bought at 112.60, Target: 113.60, Stop: 112.25
Position : – Long at 112.60
Target : – 113.60
Stop : – 112.25
New strategy :
Hold long entered at 112.60, Target: 113.60, Stop: 112.25
Position : – Long at 112.60
Target : – 113.60
Stop : – 112.25
As the greenback has remained under pressure after recent selloff on dollar’s broad-based weakness, oversold condition should prevent further sharp fall below 112.40-45 and bring rebound later today or tomorrow, above 113.05-09 (current level of the Kijun-Sen and previous support) would suggest low is possibly formed, bring test of 113.25-30 but break of latter level is needed to add credence to this view, bring further gain to 113.60-65, having said that,. price should falter well below resistance at 113.91.
In view of this, we are holding on to our long position entered at 112.60. Below support at 112.30 would signal the fall from 114.74 top is still in progress for weakness towards 112.00-05 before prospect of another rebound.
