USD/JPY is facing short term resistance around 118.60 (trend line joining 118.85 and 118.80) and intraday bullishness can be seen only above that level
On the upside break of 118.60 will take the pair to 119.05/119.55 (61.8% retracement of 121.85 and 115.84). .
On the downside minor support is around 117.80 and break below will target 117.20/116.80
Indicators (1 Hour chart)
CCI (50) - Sell
CCI (14) - Sell
Ichimoku- Sell
Recommendation: Sell USD/JPY around 117.90-117.95, SL 118.60, Targets 117.20/116.80.
On the upside break of 118.60 will take the pair to 119.05/119.55 (61.8% retracement of 121.85 and 115.84). .
On the downside minor support is around 117.80 and break below will target 117.20/116.80
Indicators (1 Hour chart)
CCI (50) - Sell
CCI (14) - Sell
Ichimoku- Sell
Recommendation: Sell USD/JPY around 117.90-117.95, SL 118.60, Targets 117.20/116.80.
