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Short

USD/JPY Short Term outlook

FX:USDJPY   U.S. Dollar / Japanese Yen
181 0 1
•RES 4: 121.18

•RES3 :120.81 ( Apr             13th high)

•RES 2: 119.94 (200 day 4HMA)

•RES 1: 119.50 (20 day 4HMA)

PRICE: 118.93 @ 05:24 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             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) - Sell

Woodies CCI (14) – Sell

Ichimoku- Sell

It is good to sell on rallies around 119.50 for the target of 118.20 with stop around 120.10.

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