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.
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.