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USD/JPY breaks major support 121.80, decline till 120 is possible

Wednesday, July 8, 2015 11:15 AM UTC

RES 4 :123.70 (Jul 7^th high)
RES 3 : 123.03 (61.8% retracement of 125.84 and 121.30)
RES 2: 122.56 (7 day W EMA)
RES 1: 122

PRICE: 121.56 @ 11:05 GMT

SUP 1: 121.25 (161.8% retracement of 122.47 and 124.36)
SUP 2 :121.10 (20 day WMA)
SUP 3: 120.60 (61.8% retracement of 115.55 and 125.84)
SUP 4: 120

USD/JPY has broken major support 121.80 (Jul 5^th low) and declined till 121.30. Further weakness till 120.70/120 is possible as long as short term resistance 122.60 holds.

It is good to sell on rallies around 122 with SL around 122.60 for the TP of 120.60/120

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USD/JPY breaks major support 121.80, decline till 120 is possible

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