USD/JPY recovers from 118.77 level, trend reversal only below 118.16

• RES 4: 122 (Mar 10^th high)

• RES 3: 120.81 (Apr 13^th high)

• RES 2: 120.15 (200 day 4HMA)

• RES 1: 119.75 (55 DAY 4HEMA)

PRICE: 119.34 @ 05:22 GMT 

• SUP 1: 118.70 (Apr 3^rd low)

• SUP 2: 118.16 (61.8% retracement of 115.85 and 122.01)

• SUP 3 -116.85 (Feb 3^rd low)

• SUP 4- 115.85 (Jan 16^th low)

COMMENTARY:

USD/JPY has recovered once again after making a low 118.77. Overall trend is till bullish as long as support 118.16 holds. Any break below 118.16 will drag the pair further down till

On the upside minor resistance is around 119.25 and any break above would extend gains till 119.75/120.15.

Indicator (4 hour chart)

CCI (50)- Sell

Woodies CCI (14) - Sell

Ichimoku- Neutral

It is good to buy around 118.80 for the target of 120.15 with stop around 118.15.