Short term trend: Bullish
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 117.85
Kijun-Sen level: 117.64
Ichimoku cloud top: 116.09
Ichimoku cloud bottom: 115.44
USD/JPY has made a temporary high of 118.96 and is slightly retreating from that level. Short-term trend is bullish as long as support 116.79 (61.8% retracement of 115.44 to 118.96) holds.
On the downside break below will target 116.30/115.44. The pair’s major resistance is around 118.96 and any indicative break will take the pair to 119.84 (161.8% projection of 101.08 to 110.08 from 105.19).
Recommendation: Buy USD/JPY around 117.70, SL 116.79, Target 119.84.
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 117.85
Kijun-Sen level: 117.64
Ichimoku cloud top: 116.09
Ichimoku cloud bottom: 115.44
USD/JPY has made a temporary high of 118.96 and is slightly retreating from that level. Short-term trend is bullish as long as support 116.79 (61.8% retracement of 115.44 to 118.96) holds.
On the downside break below will target 116.30/115.44. The pair’s major resistance is around 118.96 and any indicative break will take the pair to 119.84 (161.8% projection of 101.08 to 110.08 from 105.19).
Recommendation: Buy USD/JPY around 117.70, SL 116.79, Target 119.84.