Short term trend: Bullish
Ichimoku analysis (1 Hour chart):
Tenkan-Sen level: 121.58
Kijun-Sen level: 120.87
Ichimoku cloud top: 119.83
Ichimoku cloud bottom: 119.67
USD/JPY has retreated after making high of 121.83. Short term trend is bullish as long as support 120.50 holds.
The pair’s minor support is around 121.20 and break below will target 120.75/120.49 in short term. The USD/JPY is expected to reach 123.18 (200% projection of 101.08 to 110.08 from 105.18)/128 if the long term support 119.30 holds.
Indicators
Ichimoku (9, 26, 52, 26) - Neutral
MACD (12.26.9) – Sell
Recommendation: Buy USD/JPY around 121.25, SL 120.49, Target 123.18.
Ichimoku analysis (1 Hour chart):
Tenkan-Sen level: 121.58
Kijun-Sen level: 120.87
Ichimoku cloud top: 119.83
Ichimoku cloud bottom: 119.67
USD/JPY has retreated after making high of 121.83. Short term trend is bullish as long as support 120.50 holds.
The pair’s minor support is around 121.20 and break below will target 120.75/120.49 in short term. The USD/JPY is expected to reach 123.18 (200% projection of 101.08 to 110.08 from 105.18)/128 if the long term support 119.30 holds.
Indicators
Ichimoku (9, 26, 52, 26) - Neutral
MACD (12.26.9) – Sell
Recommendation: Buy USD/JPY around 121.25, SL 120.49, Target 123.18.