USD/JPY has taken support around 120.62(200 day H EMA) and has recovered from that level. Overall trend is bullish as long as support 120.48 (23.6% retracement of 115.55 and 122.01) holds.
On the downside minor support is around 121 and any break below will target 120.50/119.90 (200 day HMA).
The pair’s minor resistance is around 122.20 and above that level it will reach 123/124.13.
Indicators (1 hour chart)
CCI (50) – Buy
CCI (14) – Buy
Ichimoku-Buy
Recommendation: Buy USD/JPY around 121.10, SL 120.48, Targets 122.20/123.
On the downside minor support is around 121 and any break below will target 120.50/119.90 (200 day HMA).
The pair’s minor resistance is around 122.20 and above that level it will reach 123/124.13.
Indicators (1 hour chart)
CCI (50) – Buy
CCI (14) – Buy
Ichimoku-Buy
Recommendation: Buy USD/JPY around 121.10, SL 120.48, Targets 122.20/123.