USD/JPY – 110.75
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 110.54
Kijun-Sen level : 110.56
Ichimoku cloud top : 110.79
Ichimoku cloud bottom : 110.45
Original strategy :
Bought at 110.30, Target: 111.30, Stop: 109.95
Position : – Long at 110.30
Target : – 111.30
Stop : – 109.95
New strategy :
Hold long entered at 110.30, Target: 111.30, Stop: 110.25
Position : – Long at 110.30
Target : – 111.30
Stop : – 110.25
Although the greenback slipped to 110.25, as dollar did find renewed buying interest there and has staged the anticipated rebound, retaining our bullishness and another test of resistance at 111.05 would be seen, break there would add credence to our view that a temporary low has been formed at 109.85, bring retracement of recent decline to 111.29-30 (previous resistance and 61.8% Fibonacci retracement of 112.20-109.85), having said that, break there is needed to provide confirmation, bring a stronger rebound to 111.50 but price should falter below another previous resistance at 111.71.
In view of this, we are holding on to our long position entered at 110.30. Only below 110.00 would signal the rebound from 109.85 has ended, bring retest of this level, below there would extend recent decline to 109.70 and later towards 109.50.
