USD/JPY Daily Outlook

FX:USDJPY   U.S. Dollar / Japanese Yen
399 0 3
USD/JPY             has broken short term support 118.80 after a better than expected machinery orders and also due to the rumors that BOJ may not expand its already aggressive monetary stimulus.

On the downside minor support is around 118 and break below will target 117.20/116.80.

Overall trend reversal only below 116.80.

Minor resistance-119.20 above that it will take to next target 120/120.50.

200 day HMA-118.40.

Recommendation: Buy USD/JPY             around 118.45, SL 117.90, Target 119.19/120.
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