USD/JPY daily Outlook

FX:USDJPY   U.S. Dollar / Japanese Yen
229 2 2
USD/JPY             is consolidating between 121 and 121.50 for the past two trading sessions. Overall trend is bullish as long as support 120.48 (23.6% retracement of 115.55 and 122.01) holds.

On the downside minor support is around 121 and any break below will target 120.50-120.80( 200 day HMA )/119.90.

The pair’s minor resistance is around 122.20 and above that level it will reach 123/124.13.

Indicators (1 hour chart)
CCI (50) – Buy
CCI (14) – Buy

Recommendation: Buy USD/JPY             around 121.10, SL 120.48, Targets 122.20/123.
Hi , tnx for your wise analysis. what is the "HMA" mean ?
FxWirePro farhad.1020
HMA- Hourly moving average
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