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USD/JPY is in Consolidation phase, markets waiting for FOMC Meeting

  •  RES 4: 128.33- 161.8% projection of 115.55 to 121.80 from 118.22.

  •  RES 3: 125.66 - 161.8% retracement of 121.80 and 115.55  

  •  RES 2: 124.13 - Jun 2007 High

  •   RES 1: 122.20 -  Jan 2007 high
     
      PRICE: 121.15 @ 12:57 GMT 

  •  SUP 1: 121(23.6% retracement of 118.22 to 122.01

  •   SUP 2: 120.50-60 (Mar 9th  Low)

  •   SUP 3: 119.90

  •   SUP 4: 119.30

COMMENTARY:

USD/JPY has taken support around 120.62(200 day H EMA) and has recovered from that level. Overall trend is bullish as long as support 120.48 (23.6% retracement of 115.55 and 122.01) holds.

On the downside minor support is around 121 and any break below will target 120.50/119.90.

The pair's minor resistance is around 122.20 and above that level it will reach 123/124.13.

 

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