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- RES 4: 121
- RES 3 : 120.63 (50% retracement of 125.27 and 116.07)
- RES 2: 120.30 (Tenken-sen)
- RES 1:119.65 (7 day 4H EMA)
PRICE: 119.93 @10:26 GMT
- SUP 3 :118.80 (Kijun-Sen)
- SUP 4: 118
- SUP3: 116.07 (24th Aug)
- SUP 4 : 115.55 (Dec 16th low)
Potential Reversal Zone- 118
USD/JPY has recovered after making a low of 116.07. It has taken support near 115.85 (Jan 16th 2015) and any further weakness only below 115.85.
The pair is currently trading at 119.89 with a high of 120.07 and low of 118.28
On the down side short term support is at 118 and break below target 117/115. pair's minor support is at 119.20.
The short term resistance is around 120.30 and break above targets 121/121.65.
It is good to buy at dips around 119.50-60 with SL around 118.80 for the TP of 121/121.60.
