USD/JPY – 110.09
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 110.02
Kijun-Sen level : 110.30
Ichimoku cloud top : 110.67
Ichimoku cloud bottom : 110.45
Original strategy :
Exit short entered at 110.90
Position : – Short at 110.90
Target : –
Stop : –
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although the greenback broke below previous support at 109.92 and fell to 109.85 as suggested, lack of follow through selling suggests consolidation would be seen and recovery to the Kijun-Sen (now at 110.30) cannot be ruled out, however, reckon upside would be limited to the upper Kumo (now at 110.67) and price should falter below resistance at 110.98, bring another decline later.
In view of this, would not chase this fall here and would be prudent to stand aside in the meantime. Below said support at 109.85 would signal recent selloff from 114.50 top is still in progress and may extend weakness to 109.70 but loss of downward momentum should limit downside to 109.50, risk from there has increased for a rebound to take place later.
