FxWirePro
Long

USD/JPY Daily outlookj

FX:USDJPY   U.S. Dollar/Japanese Yen
161 0 1
•RES 4: 120.81 ( Apr             13th high)

•RES 3: 120.15 (200 day 4HMA)

•RES 2: 119.75 ( Apr             15th high)

•RES 1: 119.35 (20 day 4HMA)

PRICE: 118.99 @ 05:40 GMT            

•SUP 1: 118.70 ( Apr             3rd low)

•SUP 2: 118.16 ( 61.8% retracement of 115.85 and 122.01)

•SUP 3 -116.85 (Feb 3rd low)

•SUP 4- 115.85 (Jan 16th low)

COMMENTARY:

USD/JPY             is consolidating between 119.46 -118.81.Overall trend is positive as long as support 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 119.50 and any break above would extend gains till /120.15.
Indicator (4 hour chart)

CCI (50) - Sell

Woodies CCI (14) – Sell

Ichimoku- Neutral

It is good to buy around 118.80 for the target of 120.15 with stop around 118.15.
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