USD/JPY – 82.38

Most recent candlesticks pattern   : N/A
Trend                              : Sideways

Tenkan-Sen level              : 82.03
Kijun-Sen level                   : 82.01
Ichimoku cloud top                : 81.54
Ichimoku cloud bottom            : 81.33

Original strategy : 

Buy at 81.60, Target: 82.60, Stop: 81.30

New Strategy  :   

Buy at 81.60, Target: 82.60, Stop: 81.30

Dollar’s intra-day rally after breaking indicated resistance at 82.00 confirms recent upmove from record low of 76.25 has resumed and a stronger retracement of early downtrend is underway for further gain to 82.60, however, near term overbought condition should prevent sharp move beyond 82.95/00 and risk from there is seen for a retreat later today or tomorrow.

In view of this, we are still looking to buy dollar on pullback. Below the Ichimoku cloud bottom (now at 81.33) would suggest top is possibly formed and risk correction to 81.00/05 but support at 80.70 should limit downside and bring another rebound later.