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- RES 4: 122.01 (mar 10th high)
- RES3 :121.18
- RES 2: 120.81 (Apr 13th 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 20th low)
- SUP 3: 118.16 (61.8% retracement of 115.85 and 122.01)
- SUP 4 -116.85 (Feb 3rd 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.
