USD/JPY – 111.00
Most recent candlesticks pattern  : N/A
Trend                     : Down
Tenkan-Sen level             : 110.97
Kijun-Sen level                 : 110.75
Ichimoku cloud top            : 110.73
Ichimoku cloud bottom     : 110.47
Original strategy :
Sold at 111.20, Target: 110.20, Stop: 111.35
Position :Â – Short at 111.20
Target :Â – 110.20
Stop : – 111.35
New strategy :
Exit short entered at 111.20,
Position :Â – Short at 111.20
Target :Â –
Stop : –
As dollar found support at 110.72 and has rebounded, suggesting near term upside risk remains and above 111.32 resistance would bring test of 111.48-51 (previous resistance and 50% Fibonacci retracement of 112.90-110.11), however, break there is needed to signal low is formed at 110.11, bring retracement of recent decline to 111.80-85 (61.8% Fibonacci retracement) but price should falter below previous support at 112.26, bring retreat later.
In view of this, we are exiting our short position entered at 111.20 and stand aside for now. Below 110.72 would bring weakness to 110.50 but break of said support at 110.11 is needed to 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.
