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Short

USD/JPY short term Outlook

FX:USDJPY   U.S. Dollar/Japanese Yen
229 0 1
USD/JPY             has broken major support 120.50 and made a low till 119.28. Overall trend is weak as long as resistance 121.30 (200 day HMA) holds.

On the downside minor support is around 119.25 and nay break below will drag the pair further down till 118.60/118 in short term.

The pair's resistance is around 120.60 (support turned into resistance) and above it could pave way for next target to 121.30.

Indicators
CCI (50)- Sell
CCI (14)- Sell
CCI (14)-Sell

Recommendation: Sell USD/JPY             around 120.25-30, SL 121.31, Targets 119.30/118.25
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