Trade Idea: USD/JPY - Hold Long Entered At 96.70

USD/JPY – 96.85

Most recent candlesticks pattern : Doji

Trend : Up

Tenkan-Sen level : 97.15
Kijun-Sen level : 96.21
Ichimoku cloud top : 95.02
Ichimoku cloud bottom : 94.96

Original strategy : Bought at 96.70, Target: 98.00, Stop: 96.10

New Strategy : Hold long entered at 96.70, Target: 98.00, Stop: 96.10

Although the greenback retreated to 96.55 this morning, as long as price is able to hold above 96.10-21 (61.8% Fibonacci retracement of 95.05 to 97.79 and current level of the Kijun-Sen), bullishness remains for recent rise to resume after consolidation. Above last Friday's high at 97.79 would extend upmove from 91.73 to 98.00 and possibly towards 98.40/50 but strong resistance at 98.90 should hold from there and bring pullback later.

In view of the above analysis, we are holding on to our long position entered at 96.70 for such an upmove. Below said support level would defer this bullish view and risk correction to 95.82/89 support (previous resistance), then 95.50, however, the Ichimoku cloud area (now at 94.96-95.02) should contain downside.