USDJPY is staying just above critical support area. 117.20-117.30 is good support area. This pair tested this support 5 times. This level has become very critical zone for this pair. If any rejection candle is formed on this level, then we will buy again from this level and target will be 118.50 area. On the other hand, if it break this support area, then we can see down rally on this pair and target will be 116 area.
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In Technical Indicators view
In daily chart, MACD indicator is below 0.0 level which shows down pressure on this pair.
In daily chart, RSI indicator value is 45 which also indicates its down pressure.
100 and 200 Moving averages are giving buy signal in this pair.
In summary, we need to wait for buy from that support and if it break support, then we have take sell on this pair.
Weekly Pivot, Support and Resistance
Resistance Two (R2): 119.20
Resistance One (R1): 118.34
Pivot Point: 117.79
Support One (S1): 116.93
Support Two (S2): 116.38