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- USD/JPY has taken support near trend line ( trend line joining 116.07 and 118.840) and slightly recovered from that level. It is currently trading at 120. trend is bullish as long as support 119.60 holds.
- On the downside any break below 119.60 will drag the pair further down till 119.20/118.80 in short term.
- The pair is facing strong resistance around 120.70 and any indicative break above will target 121.30/121.70.
It is good to buy at dips around 120.45-48 with SL around 119.80 for the TP of 121.30/121.70
