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- RES3 :122.01 (Mar 10th high)
- RES 3: 121.42 (Bollinger Upper band)
- RES 2: 120.80 (13th Apr high)
- RES 1: 120.08 (Apr 22nd high)
PRICE: 120.06 @ 05:01 GMT
- SUP1: 119.67 (7 day W EMA)
- SUP 2: 119.34 (20 day WMA)
- SUP 3 118.48 (Previous week low)
- SUP 3 -116.85 (Feb 3rd low)
COMMENTARY:
USD/JPY has recovered from low of 118.48 and reached till 120.27. Overall trend is bullish as long as support 118.50 holds.
Technically in previous week USD/JPY has broken major support 118.50, lack of follow through selling and rebounded above short term resistance 120.08 suggests that it has formed temporary bottom around 118.50, a jump till 120.80/122 cannot be ruled out.
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 (Weekly chart)
CCI (50) - Buy
CCI (14) - Buy
Ichimoku- Buy
It is good to buy at dips around 119.50 for the target of 122 with stop around 118.48.
