FxWirePro: Yen back in demand, good to sell USD/JPY rallies around 117.20, target 116.60

 

• USD/JPY unable to hold above 118 handle in Tuesday's trade, currently falls below 5-DMA at 117.40.
  
  
• Yen in demand again as risk-off seeps back, on renewed sell-off in oil prices combined with global growth outlook cut by IMF.
  
  
• Resistance for the pair is located at 117.41 (5-DMA), while immediate support is seen at 117.08 (session lows) and further below at 116.60 (trendline).
  
  
• The main focus ahead for today will stay with US CPI's, markets will also track sentiment across global equities.

Recommendation: Go short USD/JPY rallies around 117.20, SL: 117.70, TP: 116.60/50