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USD/JPY declined till 119.25 after Fed statement, good to buy at dips

Thursday, March 19, 2015 11:05 AM UTC

RES 4: 124.13
RES 3: 123
RES 2: 122.20
RES 1: 121.20 (200 day HMA)

PRICE: 121.15 @ 12:57 GMT

SUP 1: 120.48 (23.6% retracement of 115.55 and 122.01)
SUP 2: 119.90
SUP 3: 119
SUP 4: 118.20

COMMENTARY:

USD/JPY has broken major support 120.50 and made a low till 119.28. Overall trend is weak as long as resistance 121.30 (200 day HMA) holds.

On the downside minor support is around 119.25 and nay break below will drag the pair further down till 118.60/118 in short term.

The pair's resistance is around 120.60 (support turned into resistance) and above it could pave way for next target to 121.30.

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USD/JPY declined till 119.25 after Fed statement, good to buy at dips

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