USD/JPY is facing strong resistance around 200 day 4HMA, further bullishness only above that level.

• RES 4: 122.01 (mar 10th high)
  
  
• RES3 :121.18
  
  
• RES 2: 120.81 (Apr 13^th high)

• RES 1: 120.06 (200 day 4HMA)

PRICE: 119.74 @ 04:46 GMT 

• SUP1 -119.40 (20 day 4HMA)
  
  
• SUP 2: 118.50 (Apr 20^th low)

• SUP 3: 118.16 (61.8% retracement of 115.85 and 122.01)

• SUP 4 -116.85 (Feb 3^rd low)

COMMENTARY:

USD/JPY once again mad a high near 120 and retreating from that level. This confirms short term trend is neutral and any bullishness can be seen only above 120.06 level.

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

On the upside minor resistance is around 120.05 and any break above would extend gains till 120.81/121.18.

The minor supports are 119/118.45/118.15.

Indicator (4 hour chart)

CCI (50) - Buy

Woodies CCI (14) - Buy

Ichimoku- neutral

It is good to buy at dips around 119.35 for the target of 120.10 with stop around 119.