USD/JPY has made temporary top around 121.85 and declining from that level. The pair made a low of 117.43 and has recovered till 119.54 level.
The minor support is around 118.18 (5 WEMA) and any very short term trend reversal can happen only below that level.
On the downside break of 118.18 will target 117.40/116.85. Overall trend reversal only below 116.80 (23.6% retracement of 101.07 to 121.85).
Below 116.80 next targets are 115.44/113.85.
The pair’s resistance is around 120.35 and further upside till 121.85 can happen only above 120.35.Any break of temporary top 121.85 would extend gain to 123.15/124.58 (161.8% retracement of 121.85 and 117.43).
The long term trend of USD/JPY is still bullish as long as support 116.80 is intact. It is in consolidation stage with mild upside till temporary top 121.85 is possible. But resumption of bullishness can happen only above 121.85 level.
Recommendation: Buy USD/JPY around 117.90-95, SL 116.78, Target 121.85.
The minor support is around 118.18 (5 WEMA) and any very short term trend reversal can happen only below that level.
On the downside break of 118.18 will target 117.40/116.85. Overall trend reversal only below 116.80 (23.6% retracement of 101.07 to 121.85).
Below 116.80 next targets are 115.44/113.85.
The pair’s resistance is around 120.35 and further upside till 121.85 can happen only above 120.35.Any break of temporary top 121.85 would extend gain to 123.15/124.58 (161.8% retracement of 121.85 and 117.43).
The long term trend of USD/JPY is still bullish as long as support 116.80 is intact. It is in consolidation stage with mild upside till temporary top 121.85 is possible. But resumption of bullishness can happen only above 121.85 level.
Recommendation: Buy USD/JPY around 117.90-95, SL 116.78, Target 121.85.