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

• RES4:123.35 (138.2% retracement of 122.01 and 118.48)
  
  
• RES3: 122.05 (Mar 3^rd high)
  
  
• RES2 120.80 (Mar 10^th High)
  
  
• RES 1 :120.50 (May 5^th high)

PRICE: 119.917 @ 05:31 GMT 

• SUP1:119.50(Cloud top)

• SUP2: 119 (May 7^th low)
  
  
• SUP3: 118.50 (Apr 30^th low)
  
  
• SUP 4: 118.19 (61.8% retracement of 115.84 and 122.01 )

COMMENTARY:

USD/JPY has recovered after making a low of 118.90 . Intraday trend is bullish as long as support 119.50 holds.

On the upside it is facing resistance 120.50 and any break above will target 120.80/122.

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- Buy

We prefer to buy at dips around 119.80 for the target of 120.50 with stop around 119.48.