FxWirePro

USD/JPY Short Term Outlook

Short
FX:USDJPY   U.S. Dollar / Japanese Yen
2
USD/JPY has broken minor support 117. 40 (Dec 10th low) and this confirms that USD/JPY has formed temporary top around 121.84 and decline till 115.47 ( 50% Retracement of 105.19 and 121.84) cannot be ruled out.
The pair’s minor support is around 116.80 and break of will target 116.20/115.44.
USD/JPY is facing short term resistance around 118.16 (Tenkan-Sen) and break of would extend gain to 118.60 (Kijun –Sen)-67 ( 61.8% retracement of 119.54 and 117.28).
Short term Trend Reversal-119.90 (Dec 9th high).

Indicators
Ichimoku (9, 26, 52, 26) - Sell
MACD (12.26.9) – Sell

Recommendation: Sell USD/JPY around 117.40-45, SL 118.16, Target 116.28/115.45