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- USD/JPY has broken major support 120.60 (200 day MA) and is trading well below that level. Overall trend is weak a decline till 119.40/118.60 cannot be ruled out.
- On the higher side minor resistance is around 120.95 and nay break above would extend gains till 121.30/121.65 is possible.
- Short term bearish invalidation only below 121.65 level.
It is good to sell on rallies around 120.45-50 with SL around 121.65 for the TP of 119.40/118.60
