USD/JPY made a high of 118.96 and has retreated from that level. Intraday trend is bullish as long support 117.20 (Kijun-Sen) holds. On the downside break below 117.20 will target 116.80/116.30.
Short term trend reversal can happen only below 116.30.
Minor resistance is around 118.15 (Tenken-Sen) and any indicative break above would extend gain to 118.96/119.57 (131.8% projection of 118.96 to 117.34).
Recommendation: Buy USD/JPY around 117.85-90, SL 117.19, Target 118.96/119.57.
Short term trend reversal can happen only below 116.30.
Minor resistance is around 118.15 (Tenken-Sen) and any indicative break above would extend gain to 118.96/119.57 (131.8% projection of 118.96 to 117.34).
Recommendation: Buy USD/JPY around 117.85-90, SL 117.19, Target 118.96/119.57.