USD/JPY has broken short term support 119.50 and weakness till 117.90 cannot be ruled out.
On the upside minor resistance is around 119.80 (Kijun-Sen) and any break above 120.70/121 in short term.
The pair’s minor support is around 119 and indicative break below will target 118.30 (trend line joining 105.18 and 115.55) /117.90.
Indicators (4 Hour chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell
Recommendation: Sell USD/JPY around 119.10-20, SL 119.80, Target 117.95.
On the upside minor resistance is around 119.80 (Kijun-Sen) and any break above 120.70/121 in short term.
The pair’s minor support is around 119 and indicative break below will target 118.30 (trend line joining 105.18 and 115.55) /117.90.
Indicators (4 Hour chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell
Recommendation: Sell USD/JPY around 119.10-20, SL 119.80, Target 117.95.