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Long

USD/JPY Short Term Outlook

FX:USDJPY   U.S. Dollar/Japanese Yen
118 0 0
RES 4: 123

RES 3: 122.01 (Mar 10th high

RES 2: 121.20 (20th Mar high)

RES 1: 120.43 (7th Apr             high)

PRICE: 120.51 @ 5:17 GMT            

SUP 1: 120.29 (Kijun-Sen)

SUP 2: 119.79 (200 day HMA )

SUP 3: 119.45 ( 61.8% retracement of 118.71 and 120.73)

SUP 4: 118.70 ( Apr             3rd low)

COMMENTARY:

USD/JPY             has broken short term resistance 120.50 and jump till 122 cannot be ruled out. Short term trend is bullish as long as support 119.80 holds.

On the upside minor resistance is around 120.50 and any break above would extend gains till 121.18/122.01.

It is good to buy around 120.30 for the target of 121.18/122 with stop around 119.80.



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