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Long

USD/JPY Short Term outlook

FX:USDJPY   U.S. Dollar/Japanese Yen
102 0 0
•RES 4 :121.18

•RES 3: 120.81 (Apr 13th high)

•RES 2: 120.09 (200 day 4HMA)

•RES 1: 119.75 (Apr 15th high)

PRICE: 119.42 @ 05:14 GMT            
•SUP1 -119.05 (20 day 4HMA)

•SUP 2: 118.50 (Apr 20th low)

•SUP 3: 118.16 ( 61.8% retracement of 115.85 and 122.01)

•SUP 4 -116.85 (Feb 3rd low)


COMMENTARY:

USD/JPY             once again took support around 118.50. This confirms short term bullishness and overall weakness can be seen only below 118.16 holds. Any break below 118.16 will drag the pair further down till 116.85/115.90 in short term.

On the upside minor resistance is around 119.75 and any break above would extend gains till 120.15/120.81.

Indicator (4 hour chart)

CCI (50) - Sell

Woodies CCI (14) – Buy

Ichimoku- Buy

It is good to buy around 119 for the target of 120.10 with stop around 118.45.
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