FxWirePro

USD/JPY Short term Outlook

Short
FX:USDJPY   U.S. Dollar / Japanese Yen
2
Short term trend: Bearish
Ichimoku analysis (1 Hour chart):
Tenkan-Sen level: 119.28
Kijun-Sen level: 119.16
Ichimoku cloud top: 120.67
Ichimoku cloud bottom: 120.82
USD/JPY has taken support at 117.90 (23.6% retracement of 105.18 to 121.83) and retraced till 119.89 ( 50% retracement of 121.83 and 117.90). Overall trend is weak as long as resistance 120.35 ( 61.8% retracement of 121.83 and 117.90) holds.
The break of 117.90 will target 117.25/116.32 (Nov 18th low).

Indicators
Ichimoku (9, 26, 52, 26) - Sell
MACD (12.26.9) – Sell

Recommendation: Sell USD/JPY around 119-119. 05 , SL 120.35, Target 117.25/116.32.