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Long

USD/JPY Short Term Outlook

FX:USDJPY   U.S. Dollar / Japanese Yen
211 0 4
USD/JPY             is consolidating between 120.60 and 122.02 for the past four trading sessions. Short term trend is bullish as long as support 120.48 holds.

On the downside minor support is around 121 and any break below will target 120.50 /119.90.

The pair’s minor resistance is around 122.20 and above that level it will reach 123/124.13.

Indicators (1 hour chart)
CCI (50) – Buy
CCI (14) – Sell
Ichimoku-Buy

Recommendation: Buy USD/JPY             around 121.05, SL 120.48, Target 122.05.
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