USD/JPY is consolidating in narrow range, good to sell on rallies

• RES 4: 120.80 (13^th Apr high)
  
  
• RES 3:120.50 (May 5^th high)
  
  
• RES2: 119.81 (55 day H EMA)

• RES 1: 119.48 (200 day H EMA)

PRICE: 119.51 @ 05:18 GMT 

• SUP 1: 119.19 (May 6^th low)
  
  
• SUP 2 118.48 (Previous week low)

• SUP 3 -116.85 (Feb 3^rd low)

• SUP 4 115.85 (Jan 16^th 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 above 119.60.

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 (4 Hours chart)

CCI (50) - Sell

 CCI (14) - Buy

Ichimoku- Neutral

It is good to sell on rallies around 119.90 for the target of 118.51 with stop around 120.51.