USD/JPY has taken support at 115.44 (50% retracement of 117.04 to 113.84) and has recovered from that level. Intraday trend is bullish as long as 115.40 holds. On the downside break below will target 115.06/114.59. Short term bullish invalidation only below 114.59. The pair is facing major resistance around 117.05 and any indicative break would extend gain to 117.65/118.04.
Recommendation: Buy USD/JPY around 116.15, SL 115.40, Target 117.65/118.