USD/JPY – 79.69

Most recent candlesticks pattern   : N/A
Trend                              : Down

Tenkan-Sen level              : 79.74
Kijun-Sen level                   : 79.63
Ichimoku cloud top                : 79.53
Ichimoku cloud bottom            : 79.30

Original strategy : 

Sell at 80.25, Target: 79.25, Stop: 80.60

Position: -
Target:  -
Stop:-

New Strategy  :   

Sell at 80.25, Target: 79.25, Stop: 80.60

Position: -
Target:  -
Stop:-

Although the greenback has eased after faltering below previous resistance at 79.89, as long as support at 79.35 holds, near term upside risk remains for recent upmove to extend further gain to psychological resistance at 80.00, however, loss of near term upward momentum should prevent sharp move beyond previous resistance at 80.25 and bring retreat later. Below 79.30-35 (current level of the Ichimoku cloud bottom and previous support) would suggest a temporary top is possibly formed and bring correction of recent rise to 79.00 and later towards previous resistance at 78.66 later.

In view of this, we are inclined to turn short on next rise. 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.