USD/JPY breaks major support 119.50,decline till 118.50 is possi

•RES4 120.80 (Mar 10th High)

•RES 2 :120.50 (May 5th high)

•RES 2 119.80 (200 day HMA)

•RES1:119.25 (20 day HMA)


PRICE: 119.17 @ 05:16 GMT

•SUP1: 119 (May 7th low)

•SUP2: 118.50 (Apr 30th low)

•SUP 3: 118.19 (61.8% retracement of 115.84 and 122.01 )

•SUP 4 116.86 (Feb 3rd low)


COMMENTARY:

USD/JPY has broken short term support 119.50 and this confirms short term weakness , a decline till 118.50 cannot be ruled out

Short term bullish invalidation level-118.18. Any break below 118.18 will drag the pair further down till 116.85/115.90 in short term.

Intraday bullishness can be seen only above 119.80.

Indicator (1 Hours chart)

CCI (50) - Sell

CCI (14) – Sell

Ichimoku- Sell

It is good to sell on rallies around 119.35-40 for the target of 118.52 with stop around 119.81