24.10.201411:37:00UTC+00Usd/jpy Medium Term Outlook

Medium term trend: Bullish

Ichimoku analysis (Daily chart):

Tenkan-Sen level: 106.76

Kijun-Sen level: 107.63

Ichimoku cloud top: 106.74

Ichimoku cloud bottom: 105.25

• In daily chart USD/JPY has broken 107.64(Kijun-Sen ) and it is expected to trade higher in the coming days.
  
• On the upper side break above will target 108.80 (76.4% retracement of 110.08 and 105.19) and 109.25 (Oct 7^th high).
  
• Major support is around 106.74 (Cloud top). Any break below will reach 106.24 (Oct 20^th Low)/105.19 (Oct 15^th low).
  Recommendation: Buy USD/JPY around 107.65, SL 106.74, Target 109.25