USD/JPY is facing resistance around 120.50, good to buy at declines

• 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: 120.18 @ 05:02GMT 

• SUP1: 119.75 (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 slightly recovered from low of 119.60 and is currently trading at 120.17. 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) - Buy

 CCI (14) - Buy

Ichimoku- Buy

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