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

• RES 4: 120.81 (Apr 13^th high)

• RES 3: 120.15 (200 day 4HMA)

• RES 2: 119.75 (Apr 15^th high)

• RES 1: 119.35 (20 day 4HEMA)

PRICE: 118.99 @ 05:40 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 is consolidating between 119.46 -118. trend is positive as long as support 118.16 holds. Any break below 118.16 will drag the pair further down till 116.85/115.90 in short term.

On the upside minor resistance is around 119.50 and any break above would extend gains till /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.