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Short

USD/JPY Short Term Outlook

FX:USDJPY   U.S. Dollar/Japanese Yen
267 0 4
USD/JPY             on Friday also made a high of 119.75 after release of US NFP data and has retreated from that level. Overall trend is bearish as long as resistance 120 holds.
On the downside 117.90 (23.6% retracement of 105.18 and 121.85) will be acting as major support and any break below will take the pair to 116.80/116.20 in short term.
The break of 120 on the higher side will target 120.70/121.65.

Indicators
Indicator (1 Hour Chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell

Recommendation: Sell USD/JPY             around 118.65-70, SL 119.76, Target 116. 81/116.25.
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