USD/JPY is struggling to break above 121.50, dip till 120.05 is possible

• RES4: 124.13 (2007 High)
  
  
• RES3:123.41 (138.2% retracement of 122.01 and 118.32)
  
  
• RES2: 122.05 (Mar 3^rd high)
  
  
• RES1 121.49 (161.8% retracement of 120.49 and 118.87)
  
  

PRICE: 120.80 @ 05:49 GMT 

• SUP1: 120.60 (cloud top)
  
  
• SUP2: 120.05 (200 day HMA)
  
  
• SUP 3: 119.50

• SUP 4 118.87 (May 14^th High)

COMMENTARY:

USD/JPY is struggling to break above 121.50 (161.8% retracement of 120.49 and 118.87) and in short term it is expected to reach till 120.05/119.60 in short term.

Intraday resistance is around 121.10 any break above will extend gains till 121.49/122.01.

It is good to sell around 120.80-85 with stop around 121.11 for the target of 120.06.