FxWirePro

USD/JPY Daily Outlook

FX:USDJPY   U.S. Dollar/Japanese Yen
297 0 3
USD/JPY             is facing strong resistance around 120 and any intraday trend reversal can be seen only above that level.
On the upside any break above will take the pair to 120.75/121.60 in short term.
The minor support is around 118.80 and any break below will target 117.90(23.6% retracement of 105.18 and 121.83)/117.20.
The pair is trading between 118/119.95 for the past three trading session.

Indicators
Indicator (1 Hour Chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell

Recommendation: We prefer to remain neutral waiting for new confirmation signals.

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