USD/JPY takes support near 200 day HMA, jump till 120.50 is possible

• RES4 122.01 (Mar 10^th High)
  
  
• RES 2 :121.18
  
  
• RES 2 120.80 (13^th Apr high)
  
  
• RES1:120.50 (May 5^th high)
  
  

PRICE: 119.90 @ 05:25 GMT 

• SUP1: 119.60 (200 day HMA)
  
  
• SUP 2: 119.19 (May 6^th low)
  
  
• SUP 3 118.48 (Previous week low)

• SUP 4 -116.85 (Feb 3^rd low)

COMMENTARY:

USD/JPY has formed temporary top around 120.50 and is retreating from that level. The major resistance is around 120.50 and any further bullishness can be seen only above that level.

Intraday trend reversal level below 119.50.

Short term bullish invalidation level-118.50. Any break below 118.16 will drag the pair further down till 116.85/115.90 in short term.

Indicator (1 Hours chart)

CCI (50) - Sell

 CCI (14) - Buy

Ichimoku- Neutral

It is good to buy around 119.75-80 for the target of 119.49 with stop around 120.49.