USD/JPY is trading between 119.28 and 121.50 in the previous week. It has made temporary top around 122.01 and any further bullishness can be seen only above that level.
On the downside 119.15 (20 day WMA) will be acting as minor support and any break below will drag the pair further down till 118.67/118.20.But overall downside will be limited to 118.
The break above 122.01 will extend gains to 124.13 key resistance next.
Indicators (Weekly chart)
CCI (50) - Buy
CCI (14) - Buy
Ichimoku- Buy
Recommendation: Buy USD/JPY around 119.25-30 SL 118, Targets 122.05/124.13.