Trade Idea: USD/JPY - Sell at 95.85

USD/JPY – 95.30

Most recent candlesticks pattern : Hammer
Trend : Down

Tenkan-Sen level : 95.03
Kijun-Sen level : 94.24
Ichimoku cloud top : 94.15
Ichimoku cloud bottom : 93.27

Original strategy : Buy at 94.25, Target: 95.30, Stop: 93.70

O.C.O Sell at 95.70, Target: 94.40, Stop: 96.25

New Strategy : Sell at 95.85, Target: 94.60, Stop: 96.40

The greenback finally resumed recent upmove and the rise from 91.73 low should extend to 95.70 (approx. 50% projection of 93.09 to 95.30 measuring from 94.60), however, as hourly oscillators should prevent sharp move beyond 96.00 and bring a retreat later. On the downside, break of 94.60 support would indicate a temporary top has possibly been formed but it is necessary to see a break of the Kijun-Sen (now at 94.24) and the Ichimoku cloud top (now at 94.15) to confirm and bring further fall towards 93.60/70 later.

In view of this, we are still looking to sell dollar on next upmove at a higher level but one must book profit on retreat.

Above 96.40 would extend recent rise from 91.73 towards 97.00 key resistance but only break there would turn the picture bullish for headway towards 97.50/60.