FxWirePro
Long

We prefer to go long in USD/JPY

FX:USDJPY   U.S. Dollar/Japanese Yen
241 0 2
Positioning Bias:

USD/JPY             has taken support 118.04 and has recovered from that level. Overall trend is bullish 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 ( Daily Chart )
CCI (50) - Buy
CCI (14) - Sell
Ichimoku- Buy

Recommendation: Buy USD/JPY             around 119.41, SL 118.03, Target 124.59.
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