USD/JPY Weekly Outlook

•RES 4: 121.50

•RES 3: 121

• RES 2: 120.15

• RES 1: 119.50 (9 day WMA)

PRICE: 119.09 @ 11:06 GMT

•SUP 1: 118.69

•SUP 2: 118.30 (Previous week low)

•SUP 3:116.85 (Feb 2015 low)

•SUP 4: 115.55

Weekly trend -Bullish

USD/JPY is trading between 118.32 and 120.15 in previous week. Any further weakness can be seen only below 118 level. Break below 118 will confirm bullish invalidation and decline till 116.85/115.5 cannot be ruled out.

It is good to buy around dips around 118.80 for the targets of 121/122.05.