FxWirePro
Long

USD/JPY Short term outlook

FX:USDJPY   U.S. Dollar/Japanese Yen
157 0 0
USD/JPY             made a high of 120.40 and is slightly retreating from that level. Intraday trend is bullish as long as support 119.40 holds.
On the upside break above 120.50 would pave the way for next target around 121/121.80.
Overall bullish invalidation only below 118.
The pair’s minor support is around 119.40 (200 day HMA ) and break below will target 118.60/118.20.
It is good to buy at dips around 119.90 for the target of 121/121.75
Indicators (1 hour chart)
CCI (50) – Buy
CCI (14) – Sell
Ichimoku-Neutral
Recommendation: Buy USD/JPY             around 119.90, SL 119.40, Targets 121/121.75.
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