USD/JPY Short Term Outlook

FX:USDJPY   U.S. Dollar / Japanese Yen
172 0 4
•RES 4: 122.01 (Mar 10th high)

•RES3 :121.18

•RES 2: 120.81 ( Apr             13th high)

•RES 1: 120.06 (200 day 4HMA)

PRICE: 119.74 @ 04:46 GMT            

•SUP1 -119.40 (20 day 4HMA)

•SUP 2: 118.50 ( Apr             20th low)

•SUP 3: 118.16 ( 61.8% retracement of 115.85 and 122.01)

•SUP 4 -116.85 (Feb 3rd low)

USD/JPY             once again mad a high near 120 and retreating from that level. This confirms short term trend is neutral and any bullishness can be seen only above 120.06 level.

Short term bullish invalidation level-118.16. 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 120.05 and any break above would extend gains till 120.81/121.18.

The minor supports are 119/118.45/118.15.

Indicator (4 hour chart)

CCI (50) - Buy

Woodies CCI (14) – Buy

Ichimoku- neutral

It is good to buy at dips around 119.35 for the target of 120.10 with stop around 119.
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