USD/JPY retreated after making a high of 117.86. It is facing intraday resistance around 117.85-117.90 (200 day HMA).
Intraday trend reversal only above that level.
On the downside major support is around 116.80 (23.6% retracement of 100.74 and 121.85) and any break below will target 115.80. Overall trend reversal only below 115.50.
The break of 118 would extend gain to 118.65/118.85
Indicators (1 Hour chart)
CCI (50) - Sell
CCI (14) - Sell
Ichimoku- Sell
Recommendation: Sell USD/JPY around 116.95-117.05, SL 118, Targets 115.80/115.51.
Intraday trend reversal only above that level.
On the downside major support is around 116.80 (23.6% retracement of 100.74 and 121.85) and any break below will target 115.80. Overall trend reversal only below 115.50.
The break of 118 would extend gain to 118.65/118.85
Indicators (1 Hour chart)
CCI (50) - Sell
CCI (14) - Sell
Ichimoku- Sell
Recommendation: Sell USD/JPY around 116.95-117.05, SL 118, Targets 115.80/115.51.