USD/JPY - 92.83
Original strategy :
Buy at 92.00, Target: 93.00, Stop: 91.50
New Strategy :
Buy at 92.25, Target: 93.10, Stop: 91.75
Dollar's retreat after intra-day brief rise to 92.97 suggests consolidation would be seen and pullback to the Kijun-Sen (now at 92.41) cannot be ruled out, however, renewed buying interest should emerge above the Ichimoku cloud bottom (now at 92.22) and as long as support at 91.76 holds, prospect of another rebound remains. Break of indicated resistance at 93.10 (Friday's high) would turn outlook bullish and signal correction from 93.65 is over, then retest of this level would follow.
In view of this, we are still looking to buy dollar on dips. Break of 91.76 support would bring stronger retracement of the rise from 87.95 to 91.47 (38.2% Fibonacci retracement of 87.95 to 93.65) but support at 90.85 should limit downside.