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Short

USD/JPY Daily outlook

FX:USDJPY   U.S. Dollar/Japanese Yen
122 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 (Cloud top)

PRICE: 119.55 @ 06:51 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 till 119.06 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)

CCI (50)- Sell

Woodies CCI (14) - Buy

It is good to sell around 119.80 for the target of 118.35 with stop around 120.15.




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