USD/JPY – 113.49
Most recent candlesticks pattern  : N/A
Trend                     : Near term down
Tenkan-Sen level             : 113.68
Kijun-Sen level                 : 113.58
Ichimoku cloud top            : 113.47
Ichimoku cloud bottom     : 113.41
Original strategy :
Sold at 114.00, stopped profit at 113.70
Position :Â – Short at 114.00
Target :Â –
Stop : – 113.70
New strategy :
Buy at 112.90, Target: 113.90, Stop: 112.55
Position :Â –
Target :Â –
Stop : –
Although the greenback staged initially rise to 113.91, current retreat suggests an intra-day top is formed and near term downside risk is seen for test of support at 113.24, below there would extend the erratic fall from 114.74 top to 113.09 and then test of previous support at 112.96, however, reckon 112.80-85 (61.8% Fibonacci retracement of 111.65-114.74) would limit downside and bring another rebound later. Above 113.91 would signal low is formed, bring test of 114.07, above latter level would indicate the retreat from 114.74 has ended, then further gain to 114.34 would follow.
In view of this, we are inclined to buy dollar on further subsequent decline. Below 112.80-85 would signal the fall from 114.74 top is still in progress for weakness to 112.50 but minor support at 112.30 should hold due to near term oversold condition.
