USD/JPY - 91.91
Most recent candlesticks pattern : N/A Trend : Sideways
Tenkan-Sen level : 92.14 Kijun-Sen level : 92.43 Ichimoku cloud top : 93.05 Ichimoku cloud bottom : 92.90
Original strategy :
Sell at 92.90, Target: 91.70, Stop: 93.40
New Strategy :
Sell at 92.50, Target: 91.60, Stop: 93.00
As dollar has remained under pressure after breaking indicated support at 92.21, we are keeping our bearish view that top has been formed at 93.65 last week and consolidation with downside bias remains for retracement towards 91.47 (38.2% Fibonacci retracement of 87.95 to 93.65), however, near term oversold condition would limit downside to support at 90.85 and 90.13 (61.8% Fibonacci retracement of 87.95 to 93.65) would hold.
In view of this, we are still looking to sell dollar on recovery as the Ichimoku cloud bottom (now at 92.90) should cap upside. Only a firm breach above the Ichimoku cloud top (now at 93.05) would abort and risk retest of 93.65.