USDJPY touched its target at 118.30 as expected and is now looking to take some retrace towards 116.98 level. The RSI had gone a bit high in hourly charts after a rise towards 118.30 level and the dip below 117.00 level will open RSI again in hourly charts. RSI is good in daily charts and as soon as USDJPY again start to rise, after completing its retracement.
Traders will be looking to buy USDJPY on dips below 117.00 level for initial targets around 118.30 level which could then be further extended towards 119.22 level.
Trade:
Buy USDJPY @ 116.98 for Profit Level @ 117.78 and Stop Loss @ 116.58
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