FxWirePro
Long

USD/JPY daily Outlook

FX:USDJPY   U.S. Dollar/Japanese Yen
255 0 2
USD/JPY             made a high of 122.01 and retreated till 120.83. Overall trend is bullish as long as support 120.48 (23.6% retracement of 115.55 and 122.01) holds.

On the downside minor support is around 121 and any break below will target 120.50/119.90 (200 day HMA).

The pair’s minor resistance is around 122.20 and above that level it will reach 123/124.13.

Indicators (1 hour chart)
CCI (50) – Buy
CCI (14) – Buy
Ichimoku-Buy

Recommendation: Buy USD/JPY             around 121.10, SL 120.48, Targets 122.20/123.
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