USD/JPY made a temporary top around 118.96 and has slightly retreating from that level. Overall weekly trend is bullish as long as support 116.30 holds. The break of 116.30 will target 115.40/114.74. The pair’s minor resistance is around 118.96 and any break above that level would extend gain to 119.75 (161.8% projection of 101.08 to 110.08 from 105.18)/121. Weekly major support -116.30 Major resistance-118.96.
Recommendation: Buy USD/JPY around 117.40-50, SL 116.29, Target 119.75/121.