USD/JPY is trading above short term moving average and also above Tenkan-Sen, Kijun-Sen. This indicates that it has formed temporary bottom around 115.50.
The pair’s minor resistance is around 119.60 and any break of will target 120.48/121 in short term.
On the downside minor support is around 118.40 (50 day Hourly EMA) and any break below will take the pair to 117.80/117.20.
Indicators (1 Hour chart)
CCI (50) – Buy
CCI (14) – Buy
Ichimoku- Buy
Recommendation: Buy USD/JPY around 119.10, SL 118.39, Target 120/120.48.
The pair’s minor resistance is around 119.60 and any break of will target 120.48/121 in short term.
On the downside minor support is around 118.40 (50 day Hourly EMA) and any break below will take the pair to 117.80/117.20.
Indicators (1 Hour chart)
CCI (50) – Buy
CCI (14) – Buy
Ichimoku- Buy
Recommendation: Buy USD/JPY around 119.10, SL 118.39, Target 120/120.48.
