Fxwirepro :usd/jpy Faces Strong Resistance Around 125, Good to Sell on Rallies

  • RES 4: 126.88 (161.8% retracement of 124.43 and 120.45)
  • RES 3 : 125.85 (jun 5th high)
  • RES 2:125
  • RES 1: 124.40 (Jun 24th high)

PRICE: 124.34 @10:15 GMT 

  • SUP1 : 124.10 (7 day 4 HEMA)
  • SUP2 :123.75 (Kijun-Sen)
  • SUP 3 : 123.28( 200 day 4 HMA)
  • SUP 4 :122.90 (Jul 14th low)

Candlestick pattern: Doji with next red candle confirming short term weakness

USD/JPY has made a high of 124.57 and started retreating from that level. Short term trend is weak as long as resistance 125 holds.

On the higher side minor resistance is around 124.60 and any break above will target 125/125.80 in short term.

Intraday trend reversal only above 124.60.

The pair’s intraday support is around 123.80 and below it will reach till 123.30/122.90.

It is good t o sell o n rallies around 124.10 with SL around 124.65 for the TP of 123.

The material has been provided by InstaForex Company – www.instaforex.com

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