Short term trend: Bullish Ichimoku analysis (1 Hour chart): Tenkan-Sen level: 118.01 Kijun-Sen level: 117.78 Ichimoku cloud top: 117.66 Ichimoku cloud bottom: 118 USD/JPY has made a low of 117.25 and has recovered from that level. The major support is around 117.20 (50% retracement of 115.44 and 118.96). Any indicative break below will target 116.78/116.31. The Pair’s minor resistance is around 118.35. On the upper side break above would extend gain to 118.96/119.75 in short term. Bullish invalidation only below 117.20. Indicators Ichimoku (9, 26, 52, 26) - Buy MACD (12.26.9) – Buy
Recommendation: Buy USD/JPY around 117.90-95, SL 117.20, Target 118.95/119.75.