FxWirePro
Long

USD/JPY is trading above 200 day 4HMA, jump till 122 is possible

FX:USDJPY   U.S. Dollar/Japanese Yen
163 0 2
RES 4: 122.05

RES 3: 121.20

RES 2: 120.38 (Cloud bottom)

RES 1: 119.88 (200 day 4HMA)

PRICE: 119.91 @ 5:14 GMT

SUP 1: 119.30 (Kijun-Sen)

SUP 2: 118.20

SUP 3: 116.85

SUP 4: 115.55

COMMENTARY:

USD/JPY             has taken support near Kijun-Sen and recovered from that level. Short term trend is bullish as long as support 119.20 holds.

On the upside minor resistance is around 120.38 and any break above would extend gains till 121.20/122.

It is good to buy around 119.90 for the target of 122 with stop around 119.30.



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