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USD/JPY Short term Outlook

FX:USDJPY   U.S. Dollar/Japanese Yen
302 1 2
USD/ has formed temporary top around 119.18 and is declining from that level. Overall trend is bearish as long as resistance 119.20 holds.

Short term trend is weak so reach till 116.80 cannot be ruled out.

On the upside break of 119.20 will take the pair to 119.95/120.51 in short term. The pair’s major intraday support around 118 and break below will target 116.80.

Indicators (4 hour chart)
CCI (50) – Buy
CCI (14) - Sell
Ichimoku- Sell

Recommendation: Sell USD/JPY             around 118.60, SL 119.21, Target 116.85.


Don't you think that the cloud should have to be dived through before you can make such a conclusion?
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