USD/JPY Long Term Outlook

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


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