Trade Idea: USD/JPY - Sell At 91.60

USD/JPY – 90.95

Most recent candlesticks pattern : N/A

Trend : Near term down

Tenkan-Sen level : 90.74
Kijun-Sen level : 90.88
Ichimoku cloud top : 92.39
Ichimoku cloud bottom : 92.06

New Strategy

Sell at 91.60, Target: 90.20, Stop: 92.20

Although dollar rebounded after falling to 90.12 yesterday and consolidation above this level would take place with mild upside bias for correction towards 91.65, however, 91.94-92.06 (previous support turned resistance and current level of the Ichimoku cloud bottom) should hold and bring another decline later. Below said support would extend fall to 90.00, however, loss of downward momentum would limit downside to 89.44-50 (approx. 1.236 times projection of 95.07 to 91.94 measuring from 93.31).

In view of this, we are looking to sell dollar on further rise. A sustain break above the Ichimoku cloud bottom would signal a temporary low is formed and bring correction to the Ichimoku cloud top (now at 92.39), then towards 92.60.