Intraday trend: Bearish
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 120.79
Kijun-Sen level: 120.47
Ichimoku cloud top: 118.55
Ichimoku cloud bottom: 118.32
USD/JPY is retreating after making a high of 121.80 and overall trend is weak as long as intraday resistance 121.65 holds.
The USD/JPY minor resistance is around 120.60 and any break on the upper side will target 121/121.65 in the short term. The pair’s minor support is around 120 and any break below will take the pair to 119.33/118.25.
Indicators
Ichimoku (9, 26, 52, 26) - Sell
MACD (12.26.9) – Sell
Recommendation: Sell USD/JPY around 120.65, SL 121.65, Target 119.33.
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 120.79
Kijun-Sen level: 120.47
Ichimoku cloud top: 118.55
Ichimoku cloud bottom: 118.32
USD/JPY is retreating after making a high of 121.80 and overall trend is weak as long as intraday resistance 121.65 holds.
The USD/JPY minor resistance is around 120.60 and any break on the upper side will target 121/121.65 in the short term. The pair’s minor support is around 120 and any break below will take the pair to 119.33/118.25.
Indicators
Ichimoku (9, 26, 52, 26) - Sell
MACD (12.26.9) – Sell
Recommendation: Sell USD/JPY around 120.65, SL 121.65, Target 119.33.