USD/JPY Daily Outlook

FX:USDJPY   U.S. Dollar / Japanese Yen
212 0 0
Intraday trend: Bullish
Ichimoku analysis (1 Hour chart):
Tenkan-Sen level: 117.09
Kijun-Sen level: 116.86
Ichimoku cloud top: 116.34
Ichimoku cloud bottom: 116.24

USD/JPY             is trading slightly positive in one hour chart (well above Tenkan-Sen and Kijun-Sen) around 117.31but it is slightly above the Bollinger upper band which indicates the pair is trading in the overbought zone.

The pair is expected to show decline till 116.80 (20 day HMA ). Intraday trend reversal only below 116.24 (Cloud bottom). The major resistance is around 117.50 (161.8% retracement of 117.04 to 116.32) and any indicative break above would extend gain to 119.07 (161.8% projection of 101.50 to 110.08 from 105.19).

Recommendation: Buy USD/JPY             around 116.80, SL 116.24, Target 117.50/119.07.
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