USD/JPY is struggling to break 120.50, good to sell on rallies

•RES4 122.01 (Mar 10th High)

•RES3 :121.18

•RES 2 120.80 (13th Apr high)

•RES1:120.50 (May 5th high)


PRICE: 119.85 @ 05:32GMT

•SUP1: 119.85 (200 day HMA)

•SUP2: 119.50 (May 8th low)

•SUP 3: 119.19 (May 6th low)

•SUP 4 118.48 (Previous week low)


COMMENTARY:

USD/JPY has slightly retreated from high of 120.26 and is currently trading at 119.83. The major resistance is around 120.50 and any further bullishness can be seen only above that level.

Intraday trend reversal level below 119.50.

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 (1 Hours chart)

CCI (50) - Sell

CCI (14) – Buy

Ichimoku- neutral

It is good to sell on rallies around 120 for the target of 118.60 with stop around 120.60