Short term trend: Bullish
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 118.15
Kijun-Sen level: 117.20
Ichimoku cloud top: 116.02
Ichimoku cloud bottom: 115.09
USD/JPY made a temporary top around 118.96 and has retreated from that level till 117.34. Overall trend is bullish as long as support 116.30 (Nov 18th low) holds.
The pair minor support is around 117.20 and break below will target 116.80/116.30. The resistance is around 118.96 and breaking will take the pair to 119.96 (161.8% retracement of 118.96 to 117.34)/121 in the short term.
Recommendation: Buy USD/JPY around 117.60, SL 116.30, Target 121.
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 118.15
Kijun-Sen level: 117.20
Ichimoku cloud top: 116.02
Ichimoku cloud bottom: 115.09
USD/JPY made a temporary top around 118.96 and has retreated from that level till 117.34. Overall trend is bullish as long as support 116.30 (Nov 18th low) holds.
The pair minor support is around 117.20 and break below will target 116.80/116.30. The resistance is around 118.96 and breaking will take the pair to 119.96 (161.8% retracement of 118.96 to 117.34)/121 in the short term.
Recommendation: Buy USD/JPY around 117.60, SL 116.30, Target 121.