Short term trend: Bullish
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 118.06
Kijun-Sen level: 117.88
Ichimoku cloud top: 116.48
Ichimoku cloud bottom: 115.53
USD/JPY is trading near minor support 117.76 (20 day 4HMA) and any break of will take the pair to 117.30/116.78 (61.8% retracement of 115.44 and 118.96).
Major trend reversal level 116.30 (Nov 18th low).
The pair’s minor resistance is around 118.20 and any indicative break above will target 118.96/119.75.
Recommendation: Buy USD/JPY around 117.40, SL 116.78, Target 118.96/119.75
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 118.06
Kijun-Sen level: 117.88
Ichimoku cloud top: 116.48
Ichimoku cloud bottom: 115.53
USD/JPY is trading near minor support 117.76 (20 day 4HMA) and any break of will take the pair to 117.30/116.78 (61.8% retracement of 115.44 and 118.96).
Major trend reversal level 116.30 (Nov 18th low).
The pair’s minor resistance is around 118.20 and any indicative break above will target 118.96/119.75.
Recommendation: Buy USD/JPY around 117.40, SL 116.78, Target 118.96/119.75