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USD/JPY is consolidating around 121 level, good to buy at dips

  • RES4: 124.13 (2007 High)

  • RES3:123.41 (138.2% retracement of 122.01 and 118.32)

  • RES2: 122.05 (Mar 3rd high)
  • RES1 121.49 (161.8% retracement of 120.49 and 118.87)

PRICE: 121.02 @ 05:00 GMT 

  • SUP1: 120.50 (cloud top)

  • SUP2: 119.90 (200 day HMA)

  • SUP 3: 119.50
  • SUP 4 118.87 (May 14th High)


COMMENTARY:

USD/JPY has made high till 121.47 (161.8% retracement of 120.49 and 118.87) and is slightly retreating from that level. Overall trend is bullish as long support 120.50 holds.

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) - Sell

Ichimoku- Neutral

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

 

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