USD/JPY takes support around 118.50, jump till 120.10 is possible

• RES 4 :121.18
  
  
• RES 3: 120.81 (Apr 13^th high)

• RES 2: 120.09 (200 day 4HMA)

• RES 1: 119.75 (Apr 15^th high)

PRICE: 119.42 @ 05:14 GMT 

• SUP1 -119.05 (20 day 4HMA)
  
  
• SUP 2: 118.50 (Apr 20^th low)

• SUP 3: 118.16 (61.8% retracement of 115.85 and 122.01)

• SUP 4 -116.85 (Feb 3^rd low)

COMMENTARY:

USD/JPY once again took support around 118.50. This confirms short term bullishness and overall weakness can be seen only below 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 119.75 and any break above would extend gains till 120.15/120.81.

Indicator (4 hour chart)

CCI (50) - Sell

Woodies CCI (14) - Buy

Ichimoku- Buy

It is good to buy around 119 for the target of 120.10 with stop around 118.45.