USD/JPY – 108.85
Most recent candlesticks pattern  : N/A
Trend                     : Near term down
Tenkan-Sen level             : 108.59
Kijun-Sen level                 : 108.82
Ichimoku cloud top            : 109.44
Ichimoku cloud bottom     : 109.33
Original strategy :
Sell at 109.15, Target: 108.15, Stop: 109.50
Position :Â –
Target :Â –
Stop : –
New strategy :
Stand aside
Position :Â –
Target :Â –
Stop : –
Although the greenback fell marginally to 108.27, as dollar has rebounded after holding above previous support at 108.13, suggesting consolidation above this level would be seen and another corrective bounce to 109.15-20 cannot be ruled out, however, reckon resistance at 109.41 would limit upside and bring another decline later, below said support at 108.27 would bring retest of 108.13 but only break of this 2017 low confirm early decline from 118.66 top has resumed and bring subsequent fall to 108.05-06 (50% projection of 114.50-108.73 measuring from 110.95) and later 117.70, having said that, 117.35-40 (61.8% projection) would hold.
In view of this, would not chase this fall here and would be prudent to stand aside for now. Only break of resistance at 109.41 (yesterday’s high) would signal low is formed, bring a stronger rebound to 109.60, then towards resistance at 109.85.Â
