USD/JPY – 111.10
Most recent candlesticks pattern  : N/A
Trend                     : Down
Tenkan-Sen level             : 111.18
Kijun-Sen level                 : 110.75
Ichimoku cloud top            : 110.80
Ichimoku cloud bottom     : 110.57
Original strategy :
Sold at 111.20, Target: 110.20, Stop: 111.55
Position :Â – Short at 111.20
Target :Â – 110.20
Stop : – 111.55
New strategy :
Hold short entered at 111.20, Target: 110.20, Stop: 111.35
Position :Â – Short at 111.20
Target :Â – 110.20
Stop : – 111.35
Although dollar staged a strong rebound after holding above support at 110.11, as this move is still viewed as retracement of recent decline, reckon upside would be limited to 111.30-35 and bring retreat later, below the Kijun-Sen (now at 110.75) would bring weakness to 110.50 but only break of said support at 110.11 would confirm recent decline has resumed and extend weakness to 109.95-00 but loss of downward momentum should prevent sharp fall below 109.70-75 and reckon 109.50 would hold.
In view of this, we are holding on to our short position entered at 111.20, Only above 111.48-51 (previous resistance and 50% Fibonacci retracement of 112.90-110.11) would abort and signal low is formed, bring a stronger rebound to 111.80-85 first (61.8% Fibonacci retracement).
