- RES 4: 123
- RES 3: 122.01 (Mar 10th high)
- RES 2: 121.20 (20th Mar high)
- RES 1: 120.43 (7th Apr high)
PRICE: 120.21 @ 5:09 GMT - SUP 1: 120.02 (Tenken-Sen)
- SUP 2: 119.50 (Kijun-Sen)
- SUP 3: 116.85 (Mar 2nd low)
- SUP 4: 115.55 (Dec 16th high)
COMMENTARY:
USD/JPY has recovered after making a low of 119.57 after release of hawkish FOMC minutes meeting. Fed officials divided on a Jun rate lift -off . A large majority of Fed officials see rate hike coming in late 2015.
On the upside minor resistance is around 120.50 and any break above would extend gains till 121.18/122.01.
It is good to buy around 120 for the target of 121.18/122 with stop around 119.50.


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