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- RES4: 124.13 (2007 High)
- RES3:123.41 (138.2% retracement of 122.01 and 118.32)
- RES2: 122.05 (Mar 3rd high)
- RES1 121.49 (161.8% retracement of 120.49 and 118.87)
PRICE: 120.80 @ 05:49 GMT
- SUP1: 120.60 (cloud top)
- SUP2: 120.05 (200 day HMA)
- SUP 3: 119.50
- SUP 4 118.87 (May 14th High)
COMMENTARY:
USD/JPY is struggling to break above 121.50 (161.8% retracement of 120.49 and 118.87) and in short term it is expected to reach till 120.05/119.60 in short term.
Intraday resistance is around 121.10 any break above will extend gains till 121.49/122.01.
It is good to sell around 120.80-85 with stop around 121.11 for the target of 120.06.
