USD/JPY Short term Outlook

USD/JPY has taken support around 117 and has recovered from that level. Overall trend is bullish as long as 117 holds.

On the upside 118.85 is acting as major resistance any break above will take the pair to 119.95/120.75 in short term.

The pair’s minor support is around 117 and break below will target 116.80/116.

Indicators (4 Hour chart)
CCI (50) - Buy
CCI (14) - Buy
Ichimoku- Buy

Recommendation: Buy USD/JPY around 118.25-35, SL 117, Target 119.95/120.70.