Trend : Sideways
Tenkan-Sen level : 100.31
Kijun-Sen level : 99.98
Ichimoku cloud top : 99.69
Ichimoku cloud bottom : 99.43
Original strategy :
Sold at 100.40, Target: 99.30, Stop: 100.75
Position: - Short at 100.40
Target: - 99.30
Stop:- 100.75
New strategy :
Hold short entered at 100.40, Target: 99.30, Stop: 100.75
Position: - Short at 100.40
Target: - 99.30
Stop:- 100.75
Current firmness in part due to cross-selling in yen suggests caution on our bearishness and 100.70-75 needs to hold to retain prospect of another retreat, below the Kijun-Sen (now at 99.98) would bring test of the upper Kumo (now at 99.69) but break of 99.43-47 (current level of the lower Kumo and intra-day support) is needed to signal intra-day top is formed, then weakness to 99.04 (yesterday's low) would follow but only break of 98.89 support would retain bearishness and signal the rebound from 98.20 (last week's low) has ended.
In view of this, we are holding on to our short position entered at 100.40. Above 100.70-75 would signal the rise from 98.20 is still in progress and extend gain to 101.00, break there would suggest the fall from 101.54 has ended instead and risk a stronger rebound towards 101.20-30.
IMOH, Clement I.
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