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- Major resistance – 113.36 (61.8% retracement of 113.91 and 112.48).
- USD/JPY has retraced after hitting low of 112.48. The pair formed temporary top around 114.73 and is declining from that level. It is currently trading around 113.18.
- In the hourly chart, the pair has formed 2618 chart pattern. The pair jumped till 113.32 almost near to 61.8% retracement of 113.91 and 112.48 and showing minor selling from that level. The near term resistance is around 113.36 and any break above will take the pair to next level till 113.87/114.45. It should break above 114.73 for the further bullishness.
- On the lower side, near term support is around 112.95 and any break below will drag the pair down till 112.48/112.20.
It is good to sell on rallies around 113.36 with SL around 113.87 for the TP of 112.48/112.20.
