USD/JPY is consolidating in narrow range, Market awaits NFP data

• RES4: 122 (Mar 10^th high)

• RES3: 121.40 (161.8% retracement of 120.49 and 118.48)

• RES 2: 120.80 (13^th Apr high)

• RES 1:120.50 (May 5^th high)
  
  

PRICE: 119.88 @ 05:24GMT 

• SUP 1: 119.19 (May 6^th low)
  
  
• SUP 2 118.48 (Previous week low)

• SUP 3 -116.85 (Feb 3^rd low)

• SUP 4 115.85 (Jan 16^th low)

COMMENTARY:

USD/JPY has formed temporary top around 120.50 and is retreating from that level. The major resistance is around 120.50 and any further bullishness can be seen only above that level.

The markets are awaiting US NFP data which will be major factor for further movement in the market. US economy are expected to  add 230K jobs in Apr with unemployment rate drop to 5.4%.  The pre-NFP data were mildly negative overall

Intraday trend reversal level below 119.50.

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 (4 Hours chart)

CCI (50) - Sell

 CCI (14) - Buy

Ichimoku- Neutral

Strategy :Stay aside.