FxWirePro- Woodies Pivot(Major) 
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FxWirePro- Woodies Pivot(Major) 
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- RES4: 122.05 (Mar 3rd high)
- RES3 120.80 (Mar 10th High)
- RES 2 :120.50 (May 5th high)
- RES1:119.70 (200 day HMA)
PRICE: 119.35 @ 05:09 GMT
- SUP1: 119 (May 7th low)
- SUP2: 118.50 (Apr 30th low)
- SUP 3: 118.19 (61.8% retracement of 115.84 and 122.01 )
- SUP 4 116.86 (Feb 3rd low)
COMMENTARY:
USD/JPY has made a low of 118.90 and slightly recovered from that level. Overall trend is weak and decline till 118.50 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.
Intraday bullishness can be seen only above 119.70.
Indicator (1 Hours chart)
CCI (50) - Buy
CCI (14) - Buy
Ichimoku- Buy
Strategy: As near term outlook has turned mixed it is better to stand aside.
