analysis (1 Hour chart):
Tenkan-Sen level: 116.24
Kijun-Sen level: 116.24
USD/JPY made short term top around 117.04 and is retreating from that level. In one hour it is trading weak (well below Tenkan-Sen, Kijun-Sen and also bottom).
Intraday trend is weak as long as resistance 116.25 holds and is expected to reach 114.60/114.23 (23.6% retracement of 105.19 to 117.04) in short term.
The pair’s major resistance is around 116.25 and any indicative break would extend gain to 116.84/117.05.
Recommendation: Sell USD/JPY around 115.60-65, SL 116.25, Target 114.61/114.25.