USD/JPY made a high of 118.64 and is slightly retreating from that level. It is facing strong resistance around 118.78 (200 day 4HMA)-118.85 (Jan 20th high).
On the upside 118.85 is acting as major resistance any break above will take the pair to 119.95/120.75 in short term.
The pair’s minor support is around 117.25 and break below will target 116.80/116.
Indicators (4 Hour chart)
CCI (50) - Buy
CCI (14) - Buy
Ichimoku- Buy
Recommendation: Buy USD/JPY around 118.25-35, SL 117, Target 119.95/120.70.
On the upside 118.85 is acting as major resistance any break above will take the pair to 119.95/120.75 in short term.
The pair’s minor support is around 117.25 and break below will target 116.80/116.
Indicators (4 Hour chart)
CCI (50) - Buy
CCI (14) - Buy
Ichimoku- Buy
Recommendation: Buy USD/JPY around 118.25-35, SL 117, Target 119.95/120.70.