FxWirePro
Long

USD/JPY Short term Outlook

FX:USDJPY   U.S. Dollar / Japanese Yen
180 1 3
•RES 4: 122 (Mar 10th high)

•RES 3: 120.81 ( Apr             13th high)

•RES 2: 120.15 (200 day 4HMA)

•RES 1: 119.75 (55 DAY 4HEMA)

PRICE: 119.34 @ 05:22 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             has recovered once again after making a low 118.77. Overall trend is till bullish as long as support 118.16 holds. Any break below 118.16 will drag the pair further down till

On the upside minor resistance is around 119.25 and any break above would extend gains till 119.75/120.15.

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.





agreed
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