We prefer to go long in USD/JPY

FX:USDJPY   U.S. Dollar / Japanese Yen
USD/JPY has made a temporary top around 121.85 and is retreating from that level. Overall trend is weak as long as support 118.75 holds.

On the upside minor resistance is around 120.80 and any break of would extend gain to 121.10/121.85 in short term.

The pair’s minor support is around 119. 40 (23.6% retracement of 120.58 and 115.55) and indicative break below will take the pair to 119/118.75.

Indicators (4 Hour chart)
CCI (50) – Buy
CCI (14) – Sell
Ichimoku- Buy

Recommendation: Buy USD/JPY around 119.65, SL 118.75, Target 121.86.