- RES 4: 123.10
- RES 3: 122
- RES 2: 121.75 (28th Aug 2015)
- RES 1:121.30 ( SEP 10TH HIGH)
PRICE: 120.94@12:22 GMT
- SUP1 :120.60 (20 day 4HMA)
- SUP 2 120.16 (38.2 % retracement of 118.05 and 121.50)
- SUP 2 : 119.60
- SUP 3: 119
Harmonic pattern - Bullish Gartley pattern
Potential Reversal Zone (PRZ) -121.35
USD/JPY has made a high of 121.25 and declined from that level. It is currently trading at 120.78.
On the downside major support is around 120.50 and break below targets 120/119.60 level.
Short term bullish invalidation only below 119.60.
The pair's major resistance is around 121.50 and indicative break above will take the pair to next level to 122/122.30.
It is good to sell on rallies around 120.95-121 with SL around 121.35 for the TP of 120.05.
