FxWirePro

USD/JPY Short Term Outlook

Long
FX:USDJPY   U.S. Dollar / Japanese Yen
2
USD/JPY has taken support 118 and has recovered from that level. Overall trend is bullish as long as support 117.90 (23.6% retracement of 105.18 and 121.83) holds.
On the downside break below 117.90 will take the pair to 117.20/116.80 in short term.
The pair’s minor resistance around 119.80 and any break above would extend gain to 120.70/121.65.
Minor support is around 118.80.

Indicators (4 hours Chart)
CCI (50) - Buy
CCI (14) - Buy
Ichimoku- Buy

Recommendation: Buy USD/JPY around 119.65-70, SL 118.80, Target 121.65.