USD/JPY is retreating at higher levels, good to buy at declines

• RES3 :122.01 (Mar 10^th high)
  
  
• RES 3: 121.42 (Bollinger Upper band)
  
  
• RES 2: 120.80 (13^th Apr high)

• RES 1: 120.08 (Apr 22^nd high)

PRICE: 119.90 @ 04:51 GMT 

• SUP1: 119.62 (200 day 4 HMA)
  
  
• SUP 2: 119.34 (Cloud bottom)

• SUP 3 118.48 (Previous week low)

• SUP 3 -116.85 (Feb 3^rd low)

COMMENTARY:

USD/JPY has retreated after making high of 120.49. Overall trend is still bullish as long long support 118.50 holds.

Intraday trend reversal level is around 119.50.

Technically the pair is facing short-term resistance around 120.50 and any break above will take the pair till 120.80/122.

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) - Buy

 CCI (14) - Sell

Ichimoku- Neutral

It is good to buy at dips around 119.50 for the target of 122 with stop around 118.48.