USD/JPY – 113.91
Most recent candlesticks pattern  : N/A
Trend                     : Near term up
Tenkan-Sen level             : 113.81
Kijun-Sen level                 : 113.47
Ichimoku cloud top            : 113.72
Ichimoku cloud bottom     : 113.25
Original strategy :
Sell at 114.10, Target: 113.00, Stop: 114.45
Position :Â –
Target :Â –
Stop : –
New strategy :
Stand aside
Position :Â –
Target :Â –
Stop : –
As the greenback has continued moving higher after staging a strong rebound from 112.96 in part due to active cross-selling in yen, suggesting near term upside risk remains for gain to 114.20-25, however, still reckon strong resistance at 114.45-50 would cap upside and bring retreat later. Below the Kijun-Sen (now at 113.47) would suggest the rebound from 112.96 has possibly ended and bring weakness to 113.20, then towards said support at 112.96 which is likely to hold from here.
In view of this, would not chase this rise here and stand aside for now. Only break of indicated strong resistance at 114.45-50 would revive bullishness and signal early upmove has resumed for headway to 114.75-80 and later towards 115.00 but near term overbought condition should limit upside.
