USD/JPY Short term Outlook

FX:USDJPY   U.S. Dollar / Japanese Yen
266 0 2
USD/JPY             made a high of 119.40 and has retreated till 118.42 from that level. So bullish invalidation can happen only below 118.

In 4 hours chart CCI (50) - Bullish divergence

On the downside break below 118 will target 116.80/115.55.

The pairs minor resistance is around 118.80 and break of will extend gain till 119.40/120.

Indicators (4 hour chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell

Recommendation: Buy USD/JPY             around 118.50, SL 118, Targets 119.40/120.

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