We prefer to short USD/JPY

FX:USDJPY   U.S. Dollar / Japanese Yen
Positioning Bias:

USD/JPY on Friday also made a high of 119.75 after release of US NFP data and has retreated from that level. Overall trend is bearish as long as resistance 120 holds.

On the downside 117.90 (23.6% retracement of 105.18 and 121.85) will be acting as major support and any break below will take the pair to 117.04/116.80 in short term.

The break of 120 on the higher side will target 120.70/121.65.

Indicator (1 Hour Chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell

Recommendation: Sell USD/JPY around 119.14, SL 119.79, Target 117.04.


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