USD/JPY – 107.96
Most recent candlesticks pattern  : N/A
Trend                     : Down
Tenkan-Sen level             : 107.69
Kijun-Sen level                 : 108.15
Ichimoku cloud top            : 108.98
Ichimoku cloud bottom     : 108.96
Original strategy :
Sell at 108.45, Target: 107.45, Stop: 108.90
Position :Â –
Target :Â –
Stop : –
New strategy :
Sell at 108.65, Target: 107.65, Stop: 109.00
Position :Â –
Target :Â –
Stop : –
As the greenback has recovered after falling to 107.32, suggesting consolidation above this level would be seen and test of the Kijun-Sen (now at 108.15) is like, however, reckon upside would be limited to 108.50 and resistance at 108.71 should hold, bring another decline later, below said support at 107.32 would extend recent decline to 107.00-10, however, oversold condition should limit downside and reckon 106.80-82 (61.8% projection of 114.50-108.27 measuring from 110.67) would hold from here, bring rebound later.
In view of this, we are still looking to sell dollar on recovery as resistance at 108.71 should limit upside. Only above 108.95-00 would abort and suggest an intra-day low is formed, bring a stronger rebound towards indicated resistance at 109.40 but break there is needed to provide confirmation.Â
