•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.
•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.