- USD/JPY has made a temporary top around 121.85 and is retreating from that level. Overall trend is weak as long as support 118.75 holds.
- On the upside minor resistance is around 120.80 and any break of would extend gain to 121.10/121.85 in short term.
- The pair's minor support is around 119.40 (23.6% retracement of 120.58 and 115.55) and indicative break below will take the pair to 119/118.75.
Indicators (4 Hour chart)
CCI (50) – Buy
CCI (14) – Sell
Recommendation: Buy USD/JPY around 119.65,SL 118.75, Target 121.86.
The material has been provided by InstaForex Company – www.instaforex.com