USD/JPY Short Term Outlook

FX:USDJPY   U.S. Dollar / Japanese Yen
337 0 3
USD/JPY             has recovered till 118.96 after making low of 115.45. Intraday is bullish as long as support 117.50 holds.
The pair’s minor support is around 118.15 and any break below will target 117.50/117.25. Short term trend reversal level only below 116.80 ( Ichimoku cloud bottom and also 61.8% retracement of 115.55 to 118.99).
On the upside only break of 119.20 ( median line ) would take the pair to 119.60/120.35.

CCI (50) – Buy
CCI (14) – Buy
Ichimoku- Buy

Recommendation: Buy USD/JPY             118.25-30, SL 117.50, Targets 119.55/120.30.

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