- RES4: 124.13 (2007 High)
- RES3:123.41 (138.2% retracement of 122.01 and 118.32)
- RES2: 122.05 (Mar 3rd high)
- RES1 121.49 (161.8% retracement of 120.49 and 118.87)
PRICE: 121.02 @ 05:00 GMT
- SUP1: 120.50 (cloud top)
- SUP2: 119.90 (200 day HMA)
- SUP 3: 119.50
- SUP 4 118.87 (May 14th High)
COMMENTARY:
USD/JPY has made high till 121.47 (161.8% retracement of 120.49 and 118.87) and is slightly retreating from that level. Overall trend is bullish as long support 120.50 holds.
Short term bullish invalidation level-118.18. Any break below 118.18 will drag the pair further down till 116.85/115.90 in short term.
Indicator (1 Hours chart)
CCI (50) - Buy
CCI (14) - Sell
Ichimoku- Neutral
It is good to buy USD/JPY around 120.90 with stop around 120.48 for the target of 122.
