FxWirePro

USD/JPY Short Term Outlook

Short
FX:USDJPY   U.S. Dollar / Japanese Yen
6
USD/JPY on Monday has recovered after making low of 117.70.Overall trend is bearish as long as resistance 120 holds.
On the downside 117.50 ( 61.8% retracement of 115.55 and 121.85) will be acting as major support and any break below will take the pair to 116.80/116.20 in short term.
The break of 120 on the higher side will target 120.70/121.65.
Indicators

Indicator (1 Hour Chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell

Recommendation: Sell USD/JPY around 118.65-70, SL 119.79, Target 116. 81/116.25.