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

•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 @ 05:18 GMT

•SUP1: 119.62 (200 day 4 HMA)

•SUP 2: 119.34 (Kijun- Sen)

•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. Short term trend is bullish as long as support 119.50 holds.

Technically the pair is facing short-term resistance around 120.25 and any break above will take the pair till 120.80/122.

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 (4 Hours 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.