USD/JPY Short term Outlook

FX:USDJPY   U.S. Dollar / Japanese Yen
226 0
USD/JPY has formed temporary bottom around 118 and is recovering from that level. Any bullish invalidation can happen only below 118.

On the downside break below 118 will target 116.80/115.55.

The pairs minor resistance is around 119.21 and break of will extend gain till 120.48/121.80.

Indicators (4 hour chart)
CCI (50) – Buy
CCI (14) – Buy
Ichimoku- Neutral

Recommendation: Buy USD/JPY around 119, SL 118, Targets 120.48/121.80.

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