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- USD/JPY has recovered after making a low of 118.78 yesterday. It is trading slightly above short term resistance further upmove can be seen only above 120.40 (25th Aug high).
- Any break above 120.40 would extend gains till 121/121.65 in short term.The pair's major resistance is around 122.30 (200 day HMA).
- The pair's potential reversal zone (PRZ) is around 118 and any further weakness only below that level. Below 118 will drag the pair further down till 116/115.55 in short term.
- The minor supports are around 119.36/118.78/118.20.
It is good to buy at dips around 120-120.10 with SL around 119.35 for the TP of 121/121.65
