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- RES 4 : 122.35
- RES 3: 121.75 (61.8% retracement of 125.27 and 116.07)
- RES 2: 121 (20 day 4 hma)
- RES 1 : 120.50 (7 day 4 HEMA)
PRICE: 120.05 @11:24 GMT
- SUP 1:119.56 (38.2% retracement of 116.07 and 121.72)
- SUP 2 :118.40 (25th Aug low)
- SUP 3: 118
- SUP 4: 116.07 (Aug 24th 2015)
USD/JPY broken short term support 120 and declined till 119.59. It is currently trading at 120.07. Overall trend is weak as long as resistance 121 holds.
On the downside any break below 119.59 confirms further weakness , a decline till 118.80/118.25 cannot be ruled out .
The pair's minor resistance is around 120.50 and any break above targets 121/121.75.
It is good to sell on rallies around 120.50 with SL around 121 for the TP of 119.59/118.80
