USD/JPY – 110.26
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 110.09
Kijun-Sen level : 109.89
Ichimoku cloud top : 109.69
Ichimoku cloud bottom : 109.65
Original strategy :
Sold at 110.20, Target: 109.20, Stop: 110.55
Position : – Short at 110.20
Target : – 109.20
Stop : – 110.55
New strategy :
Hold short entered at at 110.20, Target: 109.20, Stop: 110.55
Position : – Short at 110.20
Target : – 109.20
Stop : – 110.55
Although the greenback has rebounded after finding renewed buying interest at 109.38 yesterday, as this move from 109.11 is viewed as retracement of recent decline, reckon upside would be limited and 110.50 should hold, bring retreat later, below said support at 109.38 would signal an intra-day top is formed, bring another fall towards this week’s low at 109.11 which is likely to hold on first testing.
In view of this, we are holding on to our short position entered at 110.20. Above 110.50 would defer and suggest low is formed instead, bring a stronger rebound to 110.60 but break of resistance at 110.73 is needed to add credence to this view.
