USD/JPY is trading near major resistance around 120 and any break above will confirm the continuation of bull trend. Short term support is around 119 and weakness can be seen only below that level.
On the upside break above 120 would pave the way for next target around 121/121.80.
Overall bullish invalidation only below 118.
The pair’s minor support is around 119 (ichimoku cloud and also 200 day HMA) and break below will target 118/116.80.
Indicators (1 hour chart)
CCI (50) – Buy
CCI (14) – Buy
Ichimoku- Buy
Recommendation: Buy USD/JPY around 119.70, SL 119, Targets 120.90/121.75.
On the upside break above 120 would pave the way for next target around 121/121.80.
Overall bullish invalidation only below 118.
The pair’s minor support is around 119 (ichimoku cloud and also 200 day HMA) and break below will target 118/116.80.
Indicators (1 hour chart)
CCI (50) – Buy
CCI (14) – Buy
Ichimoku- Buy
Recommendation: Buy USD/JPY around 119.70, SL 119, Targets 120.90/121.75.