USD/JPY daily Outlook

FX:USDJPY   U.S. Dollar / Japanese Yen
276 10 6
USD/JPY             has taken support around 120.62(200 day H EMA ) and has recovered from that level. Overall trend is bullish as long as support 120.48 (23.6% retracement of 115.55 and 122.01) holds.

On the downside minor support is around 121 and any break below will target 120.50/119.90 (200 day HMA ).

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) – Buy

Recommendation: Buy USD/JPY             around 121.10, SL 120.48, Targets 122.20/123.
Hi there. I have a question, in your recommendation you have said "SL 120.48" , could you please explain what does ''SL'' mean ?
FxWirePro farhad.1020
SL means Stop loss
farhad.1020 FxWirePro
thanks a lot .
maybe my measured rule is wrong?
Very sound analysis as usual.
Do you look at the cci divergence here?
No I'm looking only at price. Price is primary factor, indicators are secondary. I'm trying to see the price on your chart.
FxWirePro Alexander_Nikitin
Check the chart once agin you will be able to see the price .price is 121.46
IvanLabrie Alexander_Nikitin
Sorry, was directed at the author of the post.
Ichimoku is a tricky beast for the inexperienced...lots of clutter, but very valuable information.
FxWirePro IvanLabrie
+1 Reply
So much stuff on your chart... I can hardly see the price))
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