USD/JPY breaks short term resistance 120.80, jump till 122 cannot be ruled out

• RES4: 124.13 (2007 High)
  
  
• RES3:123.41 (138.2% retracement of 122.01 and 118.32)
  
  
• RES2: 122.05 (Mar 3^rd high)

• RES1 121.49 (161.8% retracement of 120.49 and 118.87)
  
  

PRICE: 120.90 @ 05:43 GMT 

• SUP1: 120.50 (20 day HMA)
  
  
• SUP2: 119.77 (200 day HMA)
  
  
• SUP 3: 119.50 (Cloud Bottom )
  
  
• SUP 4 118.87 (May 14^th High)

COMMENTARY:

USD/JPY has broken short term resistance 120.80 and this confirms short term bullishness, a jump till 122 cannot be ruled out.

Short term bullish invalidation level-118.18. Any break below 118.18 will drag the pair further down till 116.85/115.90 in short term.

Indicator (1 Hours chart)

CCI (50) - Buy

 CCI (14) - Buy

Ichimoku- Buy

It is good to buy USD/JPY around 120.90 with stop around 120.48 for the target of 122.