USD/JPY - 92.55
Most recent candlesticks pattern : Hammer Trend : Sideways
Tenkan-Sen level : 92.49 Kijun-Sen level : 92.23 Ichimoku cloud top : 92.71 Ichimoku cloud bottom : 92.28
Original strategy :
Sell at 92.95, Target: 91.95, Stop: 93.45
New Strategy :
Buy at 92.00, Target: 93.00, Stop: 91.50
Despite overnight retreat to 91.84, as the greenback has then rebounded after holding above support at 91.76, leaving a 'hammer' candlestick bullish pattern on the hourly chart, suggesting further consolidation would be seen and said support at 91.76 should continue to hold, bring another rebound later. A firm break above resistance at 92.69 would extend towards 93.10 (Friday's high) but only a sustained breach above latter level would turn outlook bullish and signal pullback from 93.65 is over, then retest of this level would follow.
In view of this, we are turning long 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.