USD/JPY has taken support 118.04 and has recovered from that level. Overall trend is as long as support 118.03 holds.
On the downside break below 118.03 will take the pair to 117.20/116.80 in short term.
The pair’s major resistance around 121.83 and any break above would extend gain to 124.13 (Jun 2007 high)/124.59.
Minor support is around 118.80.
Indicators ( )
(50) - Buy
(14) - Sell
Recommendation: Buy USD/JPY around 119.41, SL 118.03, Target 124.59.