USD/JPY Short term outlook

FX:USDJPY   U.S. Dollar / Japanese Yen
170 0 1
RES 4: 122.01 (Mar 10th high)

RES 3: 121.20 (Mar 20th high)

RES 2: 120.50 ( Apr             7th high)

RES 1: 119.96 (Kijun-Sen)

PRICE: 119.84 @ 5:58 GMT            

SUP 1: 119.60 (200 DAY HMA )

SUP 2: 119.30 (Cloud bottom)

SUP 3: 118.70 ( Apr             3rd low)

SUP 4: 118.30 (Mar 26th low)


USD/JPY             has retreated after making a high of 120.42.Overall trend is weak if the pair breaks 119.60 (200 day HMA ) and any break below will drag the pair further down till 119.30/118.69 in short term.

On the upside minor resistance is around 119.96 and any break above would extend gains till 120.50/121.18.

It is good to sell on rallies around 120 for the target of 118.70 with stop around 120.50.

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