USD/JPY is trading above 120 level, jump till 122 is possible

• RES3 :122.01 (Mar 10^th high)
  
  
• RES 3: 121.42 (Bollinger Upper band)
  
  
• RES 2: 120.80 (13^th Apr high)

• RES 1: 120.08 (Apr 22^nd 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 3^rd 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.