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Short

USD/JPY Daily Outlook

FX:USDJPY   U.S. Dollar/Japanese Yen
231 0 0
USD/JPY             recovered after making a low of 116.86.It is facing intraday resistance around 117.95-118 (200 day HMA).

On the downside major support is around 116.80 (23.6% retracement of 100.74 and 121.85) and any break below will target 115.80. Overall trend reversal only below 115.50.

The break of 118 would extend gain to 118.65/118.85

Indicators (1 Hour chart)
CCI (50) - Sell
CCI (14) - Sell
Ichimoku- Sell

Recommendation: Sell USD/JPY             around 118, SL 118.85, Targets 116.85/115.80.
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