USD/JPY – 84.39
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 84.72
Kijun-Sen level : 84.67
Ichimoku cloud top : 84.17
Ichimoku cloud bottom : 84.17
Original strategy :
Bought at 84.50, Target: 85.50, Stop: 84.00
New Strategy :
Hold long entered at 84.50, Target: 85.50, Stop: 84.00
Failure to extend intra-day rally and current retreat from 85.23 suggest caution on our long position entered at 84.50 and the Ichimoku cloud (now at 84.17) needs to hold to retain prospect for another rebound later. Above said resistance would extend the rebound from 83.66 to 85.50, however, as broad outlook is still consolidative, reckon resistance at 85.91 would hold and further choppy trading within 83.58-85.91 range would take place.
In view of this, we are holding on to our long position. A breach below yesterday’s low at 84.00 would risk another test of 83.66 but break of recent 15-year low at 83.58 is needed to confirm downtrend has resumed to 83.00/10.
