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- RES 4: 121.75 (28th Aug 2015 high)
- RES 3: 121.50 (30th 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
