USDJPY trades above short term resistance 120, targets 121

• RES 4 : 122.35
• RES 3: 121.75 (61.8% retracement of 125.27 and 116.07)
• RES 2: 120.62 (20 day 4 hma)
• RES 1 : 120.10 (7 day 4 HEMA)

PRICE: 120.07 @10:14 GMT 

• SUP 1:119.56 (38.2% retracement of 116.07 and 121.72)
• SUP 2 :118.40 (25th Aug low)
• SUP 3: 118
• SUP 4: 116.07 (Aug 24th 2015)

USD/JPY has recovered after making a low of 119.21 and is currently trading at 119.96. The pair's major intraday resistance is around 120.60 (Support turned into resistance and also 200 day HMA).

It has formed double bottom around 119.20 and any further weakness only below 119.20.

Yen rallied against all major currencies due to sell off in global equities.

Any break above 120.60 will take the pair further up till 121/121.40 in short term.

The minor support is around 119.80 and break below extend losses till 119.20/118.25.

Bearish invalidation only above 121.75.

It is good to buy at dips around 120.-120.05 with SL around 119.20 for the TP of 121/121.70.