USD/JPY Short Term Outlook

FX:USDJPY   U.S. Dollar / Japanese Yen
369 0
USD/JPY has broken major resistance 118.85 and recovery till 121.85 cannot be ruled out .Intraday support is 118.50 and break below that will invalidate intraday bullishness.

On the downside break below 118.50 will target 1180/117.70.Overall trend reversal below 116.80.

Indicators (4 hour chart)
CCI (50)- Buy
CCI (14)- Buy
Ichimoku- Buy

Recommendation: Buy USD/JPY around 119, SL 118.49, Targets 120.73/121.

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