USD/JPY – 111.26

Most recent candlesticks pattern   : N/A

Trend                      : Near term down

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Tenkan-Sen level              : 111.26

Kijun-Sen level                  : 111.11

Ichimoku cloud top             : 111.35

Ichimoku cloud bottom      : 111.29

Original strategy  :

Buy at 111.00, Target: 112.00, Stop: 110.65

Position :  –

Target :  –

Stop : –

New strategy  :

Buy at 111.00, Target: 112.00, Stop: 110.65

Position :  –

Target :  –

Stop : –

As the greenback recovered after falling to 110.84, suggesting consolidation above this level would be seen and corrective bounce to 111.60, then test of previous support at 111.88, however, reckon upside would be limited to 112.00 and price should falter below 112.35-40 and bring another decline later this week.

In view of this, we are looking to turn long on dips. Below said support at 110.84 would signal recent decline is still in progress and may extend weakness to 110.70 and possibly towards 110.50 but loss of momentum should limit downside to 110.20-25 and reckon 110.00 would hold from here.

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