USD/JPY – 113.47
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 113.38
Kijun-Sen level : 113.47
Ichimoku cloud top : 113.58
Ichimoku cloud bottom : 113.44
Original strategy :
Sold at 114.00, Target: 113.00, Stop: 113.70
Position : – Short at 114.00
Target : – 113.00
Stop : – 113.70
New strategy :
Hold short entered at 114.00, Target: 113.00, Stop: 113.70
Position : – Short at 114.00
Target : – 113.00
Stop : – 113.70
Although the greenback recovered after holding above last week’s low at 113.09 and further consolidation would be seen, reckon upside would be limited to 113.65-70 and bring another decline later, below 113.20 would bring retest of said support at 113.09, break there would extend the fall from 114.74 top to previous support at 112.96, below there would bring further subsequent selloff to 112.60 but support at 112.30 should hold from here due to near term oversold condition.
In view of this, we are holding on to our short position entered at 114.00. Only above resistance at 114.07 would abort and signal the retreat from 114.74 has ended instead, bring a stronger rebound to 114.34, then retest of this level, above there would revive bullishness and extend recent rise from 107.32 to 115.00.
