USD/JPY – 109.32

Most recent candlesticks pattern   : N/A

Trend                      : Near term down

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Tenkan-Sen level              : 109.27

Kijun-Sen level                  : 109.16

Ichimoku cloud top             : 109.36

Ichimoku cloud bottom      : 109.23

New strategy  :

Stand aside

Position :  –

Target :  –

Stop : –

Despite falling initially to 108.84 earlier today, the subsequent rebound suggests decline is not ready to resume yet and further consolidation is in store, hence risk of another bounce to 109.55-60 is seen, however, reckon resistance at 109.83 (yesterday’s high) would hold and bring retreat later. Only a break of 109.83 would signal low has been formed at 108.60 earlier, bring further gain to 110.00 and later towards previous resistance at 110.37.

On the downside, below 109.00 would bring test of 108.84 but only break of said support at 108.60 would revive bearishness and confirm recent decline has resumed for further weakness to 108.30 (1.618 times projection of 110.95-109.67 measuring from 110.37), then towards 108.00. As near term outlook is still mixed, would be prudent to stand aside in the meantime.

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