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USD/JPY breaks below 200 day HMA, decline till 118.35 cannot be ruled out

Wednesday, April 15, 2015 5:33 AM UTC

RES 4: 122 (Mar 10^th high)

RES 3: 121.18 (20^th Mar high)

RES 2: 120.82 (Apr 14^th high)

RES 1: 120.10 (Cloud top)

PRICE: 119.66 @ 05:30 GMT

SUP 1: 119.87(200 day HMA)

SUP 2: 119.45 (61.8% retracement of 118.71 and 120.73)
SUP 3: 118.70 (Apr 3^rd low)

SUP 4: 118.30 (26^th Mar)

COMMENTARY:

USD/JPY has retreated till 119.06 after making a high of 120.82 and short term trend is weak as long as resistance 121.20 holds.

On the upside minor resistance is around 120.10 and any break above would extend gains till 120.82/121.20.

Indicator (1 hour chart)

CCI (50)- Sell

Woodies CCI (14) - Buy

It is good to sell around 119.80 for the target of 118.35 with stop around 120.15.

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USD/JPY breaks below 200 day HMA, decline till 118.35 cannot be ruled out

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