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.
Comments
Realisto_FX
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I would adjust stop below at 118.6 , 118 seems a bit risky specially because of descending channel pattern
Nightwish
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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
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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
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of course, I have longs in Nikkei , works fine as correlation .