USD/JPY - 91.89
Most recent candlesticks pattern : N/A Trend : Sideways
Tenkan-Sen level : 91.86 Kijun-Sen level : 92.26 Ichimoku cloud top : 92.43 Ichimoku cloud bottom : 92.36
Original strategy :
Bought at 92.00, Target: 93.00, Stop: 91.50
New Strategy :
Exit long entered at 92.00
The greenback tumbled overnight partly due to renewed cross-buying in Japanese yen and price dropped below indicated support at 91.76 to as low as 91.55 this morning, although price has recovered from there, reckon the Kijun-Sen (now at 92.26 would limit upside and bring another decline. Break of said support would bring stronger retracement of recent upmove towards previous support at 90.85 later.
In view of this, we are exiting our long position and stand aside for now as above the Ichimoku cloud top (now at 92.43) is needed to suggest low has possibly been formed and bring another bounce towards 92.97-93.10 resistance area.