Medium term trend: Bullish
Ichimoku analysis (Weekly chart):
Tenkan-Sen level: 112.07
Kijun-Sen level: 110.01
Ichimoku cloud top: 102.59
Ichimoku cloud bottom: 99.60
USD/JPY made a temporary top around 118.96 and has slightly retreating from that level. Overall weekly trend is bullish as long as support 116.30 holds.
The break of 116.30 will target 115.40/114.74. The pair’s minor resistance is around 118.96 and any break above that level would extend gain to 119.75 (161.8% projection of 101.08 to 110.08 from 105.18)/121.
Weekly major support -116.30
Major resistance-118.96.
Recommendation: Buy USD/JPY around 117.40-50, SL 116.29, Target 119.75/121.
Ichimoku analysis (Weekly chart):
Tenkan-Sen level: 112.07
Kijun-Sen level: 110.01
Ichimoku cloud top: 102.59
Ichimoku cloud bottom: 99.60
USD/JPY made a temporary top around 118.96 and has slightly retreating from that level. Overall weekly trend is bullish as long as support 116.30 holds.
The break of 116.30 will target 115.40/114.74. The pair’s minor resistance is around 118.96 and any break above that level would extend gain to 119.75 (161.8% projection of 101.08 to 110.08 from 105.18)/121.
Weekly major support -116.30
Major resistance-118.96.
Recommendation: Buy USD/JPY around 117.40-50, SL 116.29, Target 119.75/121.