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FxWirePro: USD/JPY faces strong resistance around 121.50, good to sell on rallies

Friday, October 30, 2015 12:06 PM UTC

RES 4: 121.75 (28^th Aug 2015 high)
RES 3: 121.50 (30^th Oct 2015 high)
RES 2:120.85 (7 day h ema)
RES 1: 120.50 (200 day HMA)

PRICE: 120.48 @12:02 GMT

SUP 1 120.16 (38.2 % retracement of 118.05 and 121.50)
SUP 2 : 119.60
SUP 3: 119
SUP 4: 118.60

USD/JPY made a high of 121.48 (trend line joining 121.22 and 121.48) and retreated till 120.28 from that level.

On the downside major support is around 119.60 and break below will drag the pair till 119/118.60 in short term.

Further weakness can be seen only below 118.

It is good to sell on rallies around 121 with SL around 121.50 for the TP of 120/119.62

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FxWirePro: USD/JPY faces strong resistance around 121.50, good to sell on rallies

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