USD/JPY – 109.15
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 109.21
Kijun-Sen level : 109.44
Ichimoku cloud top : 109.53
Ichimoku cloud bottom : 109.31
Original strategy :
Bought at 109.25, Target: 110.25, Stop: 108.90
Position : – Long at 109.25
Target : – 110.25
Stop : – 108.90
New strategy :
Hold long entered at 109.25, Target: 110.25, Stop: 108.90
Position : – Long at 109.25
Target : – 110.25
Stop : – 108.90
Although the greenback retreated quite sharply after Friday’s marginal rise to 109.85, outlook remains consolidative, reckon downside would be limited to 109.00 and bring rebound later, above 109.50-55 would bring test of said resistance at 109.85, break there would extend the erratic rise from 108.60 low to 110.00, then towards resistance at 110.37 which is likely to hold from here.
In view of this, we are holding on to our long position entered at 109.25. Only below said support at 108.84 would abort and bring retest of said support at 108.60, break there 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.
