USD/JPY – 80.22

Original strategy : 

Sold at 80.25, Target: 79.25, Stop: 80.60

Position: - Short at 80.25
Target:  - 79.25
Stop:- 80.60

New Strategy  :   

Hold short entered at 80.25, Target: 79.25, Stop: 80.60

Position: - Short at 80.25
Target:  - 79.25
Stop:- 80.60

Although the greenback has risen again on cross-selling in Japanese yen and recent rise may extend marginal gain, loss of near term upward momentum should prevent further sharp move and reckon 80.50 would hold from here, bring retreat later. Below the Ichimoku cloud top (now at 79.65) would suggest top is possibly formed and bring test of 79.35-44 (previous support and current level of the Ichimoku cloud bottom) but break there is needed to suggest a temporary top is possibly formed and bring correction of recent rise to 79.00 later.

In view of this, we are holding on to our short position entered at 80.25. Above 80.50-55 would risk further gain to 80.90-95 (61.8% projection of 77.36-79.89 measuring from 79.35) before prospect of another strong pullback later this week.