Intraday Trend: Bullish
Ichimoku analysis (1 Hour chart):
Tenkan-Sen level: 116.59
Kijun-Sen level: 116.11
Ichimoku cloud top: 116.24
Ichimoku cloud bottom: 116.16
USD/JPY has taken support at 115.44 (50% retracement of 117.04 to 113.84) and has recovered from that level.
Intraday trend is bullish as long as 115.40 holds. On the downside break below will target 115.06/114.59. Short term bullish invalidation only below 114.59.
The pair is facing major resistance around 117.05 and any indicative break would extend gain to 117.65/118.04.
Recommendation: Buy USD/JPY around 116.15, SL 115.40, Target 117.65/118.
Ichimoku analysis (1 Hour chart):
Tenkan-Sen level: 116.59
Kijun-Sen level: 116.11
Ichimoku cloud top: 116.24
Ichimoku cloud bottom: 116.16
USD/JPY has taken support at 115.44 (50% retracement of 117.04 to 113.84) and has recovered from that level.
Intraday trend is bullish as long as 115.40 holds. On the downside break below will target 115.06/114.59. Short term bullish invalidation only below 114.59.
The pair is facing major resistance around 117.05 and any indicative break would extend gain to 117.65/118.04.
Recommendation: Buy USD/JPY around 116.15, SL 115.40, Target 117.65/118.