USD/JPY – 112.25
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 112.40
Kijun-Sen level : 112.42
Ichimoku cloud top : 112.61
Ichimoku cloud bottom : 112.20
Original strategy :
Sold at 112.60, Target: 111.60, Stop: 112.75
Position : – Short at 112.60
Target : – 111.60
Stop : – 112.95
New strategy :
Hold short entered at 112.60, Target: 111.60, Stop: 112.75
Position : – Short at 112.60
Target : – 111.60
Stop : – 112.75
Although the greenback rebounded after falling to 111.88, reckon upside would be limited to 112.72-75 and bring retreat later, below 112.10-15 would bring retest of said support at 111.88 (yesterday’s low), break there would extend recent decline from 114.74 top to previous support at 111.65, break there would bring further fall to 111.45-50, however, near term oversold condition should limit downside and reckon 111.00-05 would hold from here.
In view of this, we are holding on to our short position entered at 112.60. Above 112.85-90 would risk test of previous support at 113.09 but only break there would abort and signal low is formed instead, bring a stronger rebound to 113.33 resistance first.
