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USD/JPY is struggling to break above 121.50, dip till 120.05 is possible

  • 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.

 

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