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- USD/JPY is consolidating between 119.60 and 120.65 for the past two trading session on account of FOMC meeting which is to be held on Sep 17th 2015.
- Any further movement can happen above or below this level. On the lower side any break below confirms short term weakness a decline till 118.80/118.20 cannot be ruled out.
- The pair's minor intraday resistance is around 120.65 and break above would extend gains till 121.30/121.70.
It is good to sell on rallies around 120.40-45 with SL around 120.80 for the TP of 119.80/119.40
Resistance
R1- 120.65
R2-121.30
R3- 121.70
Support
S1-119.50
S2-118.80
S3-118.20
