Intraday trend: Bullish
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 118.28
Kijun-Sen level: 117.95
Ichimoku cloud top: 116.98
Ichimoku cloud bottom: 116.42
USD/JPY has broken major resistance 117.48 and trading at new high around 118.65. So overall is bullish and reach till 120 cannot be ruled out .
The pair’s minor intraday support is around 118.25. Any break below will take the pair to 117.92/117.70 (20 day HMA). Intraday trend reversal only below 117.25.
The minor resistance is around 118.70 and any indicative break above would target 119.75 (161.8% projection of 101.08 to 110.08 form 105.18)/120
Recommendation: Buy USD/JPY around 118, SL 117.25, Target 119.75.
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 118.28
Kijun-Sen level: 117.95
Ichimoku cloud top: 116.98
Ichimoku cloud bottom: 116.42
USD/JPY has broken major resistance 117.48 and trading at new high around 118.65. So overall is bullish and reach till 120 cannot be ruled out .
The pair’s minor intraday support is around 118.25. Any break below will take the pair to 117.92/117.70 (20 day HMA). Intraday trend reversal only below 117.25.
The minor resistance is around 118.70 and any indicative break above would target 119.75 (161.8% projection of 101.08 to 110.08 form 105.18)/120
Recommendation: Buy USD/JPY around 118, SL 117.25, Target 119.75.