Trade Idea Wrap-up: USD/JPY - Sell at 103.90

USD/JPY – 103.16

Most recent candlesticks pattern   : N/A

Trend                      : Near term down

Tenkan-Sen level              : 102.96

Kijun-Sen level                  : 103.02

Ichimoku cloud top             : 104.16

Ichimoku cloud bottom      : 103.77

Original strategy  :

Sell at 103.60, Target: 102.60, Stop: 103.95

Position :  –

Target :  –

Stop : –

New strategy  :

Sell at 103.90, Target: 102.70, Stop: 104.25

Position :  –

Target :  –

Stop : –

As the greenback has rebounded after finding support at 102.55 earlier today, suggesting consolidation above this level would be seen and corrective bounce to 103.49 cannot be ruled out, however, reckon upside would be limited to 103.58-60 (38.2% Fibonacci retracement of 105.23-102.55) and bring another decline later, below said support at 102.55 would extend the fall from 105.53 top towards 102.20 but previous resistance at 101.84 would turn into support and contain downside, bring another rebound. 

In view of this, would not chase this fall here and would be prudent to sell dollar on further subsequent recovery as 105.85-90 (50% Fibonacci retracement of 105.23-102.55) should limit upside and bring another decline. Only above 104.20-25 (61.8% Fibonacci retracement) would abort and signal the fall from 105.53 has ended.

Trade Idea Wrap-up: USD/JPY - Sell at 103.90