USD/JPY is in consolidation phase, waiting for further confirmation

• RES4: 122.05 (Mar 3^rd high)
  
  
• RES3 120.80 (Mar 10^th High)
  
  
• RES 2 :120.50 (May 5^th high)
  
  
• RES1:119.63 (200 day HMA)
  
  

PRICE: 119.63 @ 04:46 GMT 

• SUP1: 119 (May 7^th low)
  
  
• SUP2: 118.50 (Apr 30^th low)
  
  
• SUP 3: 118.19 (61.8% retracement of 115.84 and 122.01 )
  
  
• SUP 4 116.86 (Feb 3^rd low)

COMMENTARY:

USD/JPY has made a low of 118.90 and slightly recovered till 119.75 from that level.  Overall trend is neutral as long as support 118.18 and resistance 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) - Buy

Ichimoku- Buy

Strategy: As near term outlook has turned mixed it is better to stand aside.