FxWirePro
Long

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
Ichimoku-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 ?
thanks
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FxWirePro PRO farhad.1020
SL means Stop loss
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farhad.1020 FxWirePro
thanks a lot .
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maybe my measured rule is wrong?
snapshot
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Very sound analysis as usual.
Do you look at the cci divergence here?
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No I'm looking only at price. Price is primary factor, indicators are secondary. I'm trying to see the price on your chart.
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FxWirePro PRO Alexander_Nikitin
Check the chart once agin you will be able to see the price .price is 121.46
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IvanLabrie PRO 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.
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FxWirePro PRO IvanLabrie
@IVANLABRIE Thank You
+1 Reply
So much stuff on your chart... I can hardly see the price))
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