•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.
•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.