USD/JPY Short Term outlook

FX:USDJPY   U.S. Dollar / Japanese Yen
117 0
RES 4: 123

RES 3: 122.01 (Mar 10th high

RES 2: 121.20 (20th Mar high)

RES 1: 120.43 (7th Apr high)

PRICE: 120.21 @ 6:34 GMT

SUP 1: 120.02 (Tenken-Sen)

SUP 2: 119.50 (Kijun-Sen)

SUP 3: 116.85 (Mar 2nd low)

SUP 4: 115.55 (Dec 16th high)

USD/JPY has recovered after making a low of 119.57 after release of hawkish FOMC minutes meeting. Fed officials divided on a Jun rate lift –off . A large majority of Fed officials see rate hike coming in late 2015.
On the upside minor resistance is around 120.50 and any break above would extend gains till 121.18/122.01.
It is good to buy around 120 for the target of 121.18/122 with stop around 119.50.

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