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Short

USD/JPY Daily Outlook

FX:USDJPY   U.S. Dollar/Japanese Yen
118 0 0
•RES 4: 122 (Mar 10th high)

•RES 3: 121.18 (20th Mar high)

•RES 2: 120.82 ( Apr             14th high)

•RES 1: 120.10 (20 day HMA )

PRICE: 119.74 @ 6:01 GMT            

•SUP 1: 119.87(200 day HMA )

•SUP 2: 119.45 ( 61.8% retracement of 118.71 and 120.73)

•SUP 3: 118.70 ( Apr             3rd low)

•SUP 4: 118.30 (26th Mar)

COMMENTARY:

USD/JPY             has retreated after making a high of 120.82 and short term trend is weak as long as resistance 121.20 holds.

On the upside minor resistance is around 120.10 and any break above would extend gains till 120.82/121.20.

Indicator (1 hour chart)

Woodies CCI (14) - Sell

It is good to sell around 119.75 for the target of 118.35 with stop around 120.10


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