USD/JPY is trading in narrow range around 117 to 118.85 for the past five trading session .Overall trend is bullish as long as 117 holds.
On the upside 118.85 is acting as major resistance any break above will take the pair to 119.95/120.75 in short term.
The pair’s minor support is around 117.25 and break below will target 116.80/116.
Indicators (4 Hour chart)
CCI (50) - Buy
CCI (14) - Buy
Ichimoku- Buy
Recommendation: Buy USD/JPY around 118, SL 117.20, Target 118.85/119.90.
On the upside 118.85 is acting as major resistance any break above will take the pair to 119.95/120.75 in short term.
The pair’s minor support is around 117.25 and break below will target 116.80/116.
Indicators (4 Hour chart)
CCI (50) - Buy
CCI (14) - Buy
Ichimoku- Buy
Recommendation: Buy USD/JPY around 118, SL 117.20, Target 118.85/119.90.