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
Ichimoku-Buy
Recommendation: Buy USD/JPY around 121.10, SL 120.48, Targets 122.20/123.
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
Ichimoku-Buy
Recommendation: Buy USD/JPY around 121.10, SL 120.48, Targets 122.20/123.