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Long

USD/JPY Short term outlook

FX:USDJPY   U.S. Dollar/Japanese Yen
102 0 0
•RES 4: 121.18

•RES3 :120.81 (Apr 13th high)

•RES 2: 119.94 (200 day 4HMA)

•RES 1: 119.32 (20 day 4HMA)


PRICE: 119.10 @ 05:20 GMT

•SUP 1: 118.50 (Apr 20th low)

•SUP 2: 118.16 (61.8% retracement of 115.85 and 122.01)

•SUP 3 -116.85 (Feb 3rd low)

•SUP4-115.85

COMMENTARY:

USD/JPY             has slightly recovered after making a low of 118.89. Overall trend is neutral and any bullishness can be seen only above 120.06 level.

The market awaits BOJ monetary policy which will be released on Apr 29th Thursday. The BOJ is expected to inject more stimulus into the economy. It is also going to release its semi-annual this week, which may include downward revisions to both growth and inflation forecasts. So further injecting of stimulus will drag the JPY further down.

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) - Sell

Woodies CCI (14) – Sell

Ichimoku- Sell

It is good to buy at dips around 118.70 for the target of 120 with stop around 118.15.
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