USD/JPY - 93.27

Most recent candlesticks pattern : N/A Trend : Sideways

Tenkan-Sen level : 93.18 Kijun-Sen level : 92.87 Ichimoku cloud top : 92.69 Ichimoku cloud bottom : 92.68

New Strategy : Stand aside

Although the greenback has edged higher again after trading narrowly yesterday, break of resistance at 93.54 is needed to to extend the rise from 87.95 towards 94.14 (61.8% projection of 87.95 to 93.27 measuring from 90.85) and possibly to 94.50/55, however, reckon recent high at 94.99 should cap upside and bring correction later.

In the event dollar continues to falter below said resistance, then sideways trading within 92.21-93.54 range would continue and pullback to the Ichimoku cloud area (now at 92.68-69) cannot be ruled out but downside should be limited to 92.21 (previous support) and reckon 91.40 (38.2% Fibonacci retracement of 87.95 to 93.54) would hold and bring another rise later.

As near term outlook is still mixed, stand aside in the meantime.