FxWirePro
Long

USD/JPY closes above 120 level, marches towards 122

FX:USDJPY   U.S. Dollar/Japanese Yen
136 0 2
•RES3 :122.01 (Mar 10th high)

•RES 3: 121.42 ( Bollinger Upper band)

•RES 2: 120.80 (13th Apr high)

•RES 1: 120.08 (Apr 22nd high)


PRICE: 120.06 @ 05:01 GMT

•SUP1: 119.67 (7 day W EMA)

•SUP 2: 119.34 (20 day WMA)

•SUP 3 118.48 (Previous week low)

•SUP 3 -116.85 (Feb 3rd low)


COMMENTARY:

USD/JPY             has recovered from low of 118.48 and reached till 120.27. Overall trend is bullish as long as support 118.50 holds.

Technically in previous week USD/JPY             has broken major support 118.50, lack of follow through selling and rebounded above short term resistance 120.08 suggests that it has formed temporary bottom around 118.50, a jump till 120.80/122 cannot be ruled out.

Short term bullish invalidation level-118.50. Any break below 118.16 will drag the pair further down till 116.85/115.90 in short term.

Indicator (Weekly chart)

CCI (50) - Buy

CCI (14) – Buy

Ichimoku- Buy

It is good to buy at dips around 119.50 for the target of 122 with stop around 118.48.
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