Long Term trend -Bullish
USD/JPY broken the major resistance 105.43 (Dec 2013 high) and reached till 121.85 in 2014. It has made temporary top around 121.85 and retreated till 115.55 (Median line).
The major support is around 115.20 (23.6% retracement of 93.77 and 121.85) and any break below will take the pair to 113.85/111.50 (61.8% retracement of 105.18 and 121.85).
The break of temporary top 121.85 would extend gain to 125.83/127.60 (261.8% projection of 101.50 to 110.08 from 105.18).
The minor supports are S1-117.90, S2-116.90, S3-115.50.
Indicators (Weekly chart)
CCI (50) – Buy
CCI (14) – Buy
Ichimoku- Buy
Recommendation: Buy USD/JPY around 117.80-118.10, SL 115.50, Targets 125.83/127.
USD/JPY broken the major resistance 105.43 (Dec 2013 high) and reached till 121.85 in 2014. It has made temporary top around 121.85 and retreated till 115.55 (Median line).
The major support is around 115.20 (23.6% retracement of 93.77 and 121.85) and any break below will take the pair to 113.85/111.50 (61.8% retracement of 105.18 and 121.85).
The break of temporary top 121.85 would extend gain to 125.83/127.60 (261.8% projection of 101.50 to 110.08 from 105.18).
The minor supports are S1-117.90, S2-116.90, S3-115.50.
Indicators (Weekly chart)
CCI (50) – Buy
CCI (14) – Buy
Ichimoku- Buy
Recommendation: Buy USD/JPY around 117.80-118.10, SL 115.50, Targets 125.83/127.