USD/JPY – 76.78

Most recent candlesticks pattern   : N/A
Trend                              : Down

Tenkan-Sen level              : 76.74
Kijun-Sen level                   : 76.69
Ichimoku cloud top                : 76.59
Ichimoku cloud bottom            : 76.42

Original strategy : 

Bought at 76.05, Target: 77.05, Stop: 76.10

Position: - Long at 76.05
Target:  - 77.05
Stop:- 76.10

New Strategy  :   

Hold long entered at 76.05, Target: 77.05, Stop: 76.10

Position: - Long at 76.05
Target:  - 77.05
Stop:- 76.10

As dollar has risen after finding renewed buying interest above the Ichimoku cloud top, retaining our bullishness for the rebound from last week’s low of 76.03 to bring retracement of the intermediate decline from 78.29, above 76.87 (previous support) would encourage for further gain towards 77.15-20, however, reckon upside would be limited to 77.75-80 and price should falter well below strong resistance at 78.29.

In view of this, we are holding on to our long position entered at 76.05. Only below said support at 76.03 would abort and extend recent fall to 75.80/85, however, still reckon downside would be limited to 75.50 and the record low of 75.31 should remain intact, bring another rebound later.