USD/JPY – 113.09
Most recent candlesticks pattern  : N/A
Trend                     : Near term down
Tenkan-Sen level             : 112.94
Kijun-Sen level                 : 112.86
Ichimoku cloud top            : 113.47
Ichimoku cloud bottom     : 113.37
Original strategy :
Bought at 112.60, Target: 113.60, Stop: 112.25
Position :Â – Long at 112.60
Target :Â – 113.60
Stop : – 112.25
New strategy :
Hold long entered at 112.60, Target: 113.60, Stop: 112.60
Position :Â – Long at 112.60
Target :Â – 113.60
Stop : – 112.60
Although the greenback extended recent decline to as low as 112.48, the subsequent rebound has retained our near term bullishness and consolidation with mild upside bias is seen for recovery to 113.40, then 113.60, however, as top has been formed at 114.74 earlier this month, reckon upside would be limited and price should falter well below resistance at 113.91, bring another decline later.
In view of this, we are holding on to our long position entered at 112.60. Below said support at 112.48 would risk weakness to 112.26-30 (100% projection of 114.74-113.09 measuring from 113.91 and previous support) but loss of momentum should prevent sharp fall below 112.00-05.Â
