USD/JPY Short term outlook

FX:USDJPY   U.S. Dollar / Japanese Yen
291 4 1
USD/JPY             has made a high of 120.25 and slightly retreated from that level. Short term support is around 119 and weakness can be seen only below that level.
On the upside break above 120.25 would pave the way for next target around 121/121.80.

Overall bullish invalidation only below 118.

The pair’s minor support is around 119-119.20 (200 day HMA ) and break below will target 118/116.80.

It is good to buy at dips around 119.10 for the target of 120.45/121

Indicators (1 hour chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Buy

Recommendation: Buy USD/JPY             around 119.25, SL 118, Targets 120.45/121.
I would adjust stop below at 118.6 , 118 seems a bit risky specially because of descending channel pattern
agree on longs, but not when the price is in the cloud or below it ( if I remember well Ichimoku trading technique, haven`t use it for a long time ).
FxWirePro Nightwish
So only i have asked to buy at dips. In hourly chart only price is below ichimoku. In 4 hours chart if price comes near to 119.20 it will be near ichimoku cloud bottom.
Nightwish FxWirePro
of course, I have longs in Nikkei , works fine as correlation .
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