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FxWirePro: USD/JPY faces strong support near 120.50, good to buy at dips

Monday, August 31, 2015 10:26 AM UTC

RES 4: 123.45 (200 DAY 4HMA)
RES 3: 122.80 (200 day 4 HEMA)
RES 2 : 122.35
RES 1: 121.75 (61.8% retracement of 125.27 and 116.07)

PRICE: 121.24 @10:26 GMT

SUP 1: 120.50(Aug 27^th low)
SUP 2:119.70 (cloud top)
SUP 3 :118.40 (25^thAug low)
SUP 4: 118

USD/JPY has made a low of 120.64 and recovered till 121.72. It is currently trading at 121.07. Overall trend is weak as long as support 120.50 holds.

On the downside any break below 120.50 confirms further weakness , a decline till 120/119.70 cannot be ruled out .

The pair's minor resistance is around 121.20 and any break above targets 121.75/122.35.

It is good to buy at dips around 120.95-121 with SL around 120.50 for the TP of 121.75/122

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FxWirePro: USD/JPY faces strong support near 120.50, good to buy at dips

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