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- RES 4: 122
- RES 3: 121.75 (28th Aug 2015 high)
- RES 2: 121.50 (30th Oct 2015 high)
- RES 1: 120.80 (7 day HMA)
PRICE: 120.85 @11:26 GMT
- SUP 1 120.09 (200 day HMA)
- SUP 2 : 119.60
- SUP 3: 119
- SUP 4: 118.60
Harmonic pattern Formed- Bullish Bat Pattern
Potential Reversal Zone (PRZ) -121.50
USD/JPY made a high of 121.48 (trend line joining 121.22 and 121.48) and retreated till 120.28 from that level. It is currently trading at 120.67.
On the downside major support is around 119.60 and break below will drag the pair till 119/118.60 in short term. The pair's minor support is around 120.
Any break above 121.50 confirms further bullishness, jump till 122.40 is possible.
It is good to Sell on rallies around 120.90-95 with SL around 121.51 for the TP of 119.60/119.
