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Short

USD/JPY Daily Outlook

FX:USDJPY   U.S. Dollar/Japanese Yen
199 0 2
USD/JPY             recovered after making low of 115.55 and major support is around 115.40. Long term trend reversal only below that level.

The USD/JPY             minor intraday resistance is around 117.22-30 ( Median line of Schiff pitch fork and also 50 day Hourly EMA ) and any break of will target 117.75-80 and 118.30 in short term. Intraday trend reversal only above 118.30 ( Ichimoku cloud top and also upper boundary of pitch fork).
The lower boundary of Schiff pitch fork is around 116.05 which will be acting as minor support and any break below will take the pair to 115.45.
CCI (50) –Sell
CCI (14) – Buy

Recommendation: Sell USD/JPY             around 117.20, SL 117.80, Target 116.05.
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