USD/JPY is in Consolidation phase, waiting for new confirmation signals

•  RES 4: 128.33- 161.8% projection of 115.55 to 121.80 from 118.22
  
  
•  RES 3: 125.66 - 161.8% retracement of 121.80 and 115.55  
  
  
•  RES 2: 124.13 - Jun 2007 High
  
  
•  RES 1: 122.20 -  Jan 2007 high
  
  PRICE: 121.30 @ 6:57GMT 
  
  
• SUP 1: 121(23.6% retracement of 118.22 to 122.01
  
  
• SUP 2: 120.50 (Mar 9^th  Low and 200 day HMA)
  
  
• SUP 3: 119.90
  
  
• SUP 4: 119.30

COMMENTARY:

USD/JPY recovered slightly yesterday after making a low of 121.18. Overall trend is bullish as long as support 120.48 (23.6% retracement of 115.55 and 122.01) holds.

On the downside minor support is around 121 and any break below will target 120.50/119.90 (200 day HMA).

The pair's minor resistance is around 122.20 and above that level it will reach 123/124.13.