Short term trend: Bullish
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 114.92
Kijun-Sen level: 114.76
Ichimoku cloud top: 112.66
Ichimoku cloud bottom: 110.98
USD/JPY made low of 113.85 and has recovered from that level. Overall trend is bullish as long as support 111.50 holds.
Short term support is at 113.85. On the downside break below will target 113/111.80. Short term trend reversal only below 111.50 (38.2% retracement of 105.19 to 115.57).
USD/JPY is facing resistance around 115.60. Any indicative break above would extend gain to 117.93/120.
Recommendation: Buy USD/JPY around 114.96, SL 111.40, Target 120.
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 114.92
Kijun-Sen level: 114.76
Ichimoku cloud top: 112.66
Ichimoku cloud bottom: 110.98
USD/JPY made low of 113.85 and has recovered from that level. Overall trend is bullish as long as support 111.50 holds.
Short term support is at 113.85. On the downside break below will target 113/111.80. Short term trend reversal only below 111.50 (38.2% retracement of 105.19 to 115.57).
USD/JPY is facing resistance around 115.60. Any indicative break above would extend gain to 117.93/120.
Recommendation: Buy USD/JPY around 114.96, SL 111.40, Target 120.