USD/JPY has made a high of 120.25 and slightly retreated from that level. Short term support is around 119 and weakness can be seen only below that level.
On the upside break above 120.25 would pave the way for next target around 121/121.80.
Overall bullish invalidation only below 118.
The pair’s minor support is around 119-119.20 (200 day HMA) and break below will target 118/116.80.
It is good to buy at dips around 119.10 for the target of 120.45/121
Indicators (1 hour chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Buy
Recommendation: Buy USD/JPY around 119.25, SL 118, Targets 120.45/121.
On the upside break above 120.25 would pave the way for next target around 121/121.80.
Overall bullish invalidation only below 118.
The pair’s minor support is around 119-119.20 (200 day HMA) and break below will target 118/116.80.
It is good to buy at dips around 119.10 for the target of 120.45/121
Indicators (1 hour chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Buy
Recommendation: Buy USD/JPY around 119.25, SL 118, Targets 120.45/121.