We prefer to long USD/JPY

FX:USDJPY   U.S. Dollar / Japanese Yen
334 0
Positioning Bias:

USD/JPY has retreated after making high of 118.85 and overall trend is bullish as long as 115.50 ( 38.2% retracement of 105.18 and 121.85) holds.

On the downside any break below 115.50 will target 113.85/113 in short term.

The pair’s minor resistance is around 118 and any indicative break above will target 118.85/119.95 in short term.

The minor support is around 117.25 and below will reach 116.80/115.85

Indicator (4 Hour Chart)
CCI (50) – Buy
CCI (14) – Sell
Ichimoku- Neutral

Recommendation: Buy USD/JPY around 117.80, SL 116.80, Target 119.85.
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