USD/JPY – 76.85

Original strategy : 

Buy at 76.50, Target: 77.50, Stop: 76.15

Position: -
Target:  -
Stop:-

New Strategy  :   

Stand aside

Position: -
Target:  -
Stop:-

Despite intra-day rise to 77.19, current retreat suggests consolidation below this level would take place and test of the Ichimoku cloud top (now at 76.67) cannot be ruled out, however, below the lower Kumo (now at 76.48) is needed to signal an intra-day top is formed and bring further fall to 76.20, however, still reckon support at 76.03 would contain downside and bring another rebound later.

On the upside, above said resistance would revive bullishness for the rise from 76.03 low to bring a stronger retracement of the intermediate decline from 78.29 to 77.40-45 (61.8% Fibonacci retracement of 78.29-76.03) but reckon upside would be limited to 77.75-80 and price should falter well below strong resistance at 78.29.

In view of this, would be prudent to stand aside in the meantime.