USD/JPY - 92.57

Most recent candlesticks pattern : N/A Trend : Sideways

Tenkan-Sen level : 92.69 Kijun-Sen level : 92.68 Ichimoku cloud top : 93.04 Ichimoku cloud bottom : 92.06

Original strategy :

Buy at 92.00, Target: 92.80, Stop: 91.50

New Strategy :

Buy at 91.80, Target: 92.60, Stop: 91.30

Failure to extend yesterday's rebound from 92.21 suggests further consolidation would take place and below said support would bring retracement to the Ichimoku cloud bottom (now at 92.06), however, reckon renewed buying interest would emerge around 91.70/80 and 91.40 (38.2% Fibonacci retracement of 87.95 to 93.54) should hold and bring another bounce. Above 93.10/15 would signal the pullback from 93.54 is over, then retest of this level would follow, break there would extend towards 94.14 (61.8% projection of 87.95 to 93.27 measuring from 90.85).

In view of this, we are still looking to buy dollar on dips. Below 91.30/40 would risk stronger retracement towards support at 90.85.