Fxwirepro: Usd/jpy Faces Strong Support Near 120.50, Good to Buy at Dips

  • RES 4: 123.45 (200 DAY 4HMA)
  • RES 3: 122.80 (200 day 4 HEMA)
  • RES 2 : 122.35
  • RES 1: 121.75 (61.8% retracement of 125.27 and 116.07)

PRICE: 121.24 @10:26 GMT 

  • SUP 1: 120.50(Aug 27th low)
  • SUP 2:119.70 (cloud top)
  • SUP 3 :118.40 (25th Aug low)
  • SUP 4: 118

USD/JPY has made a low of 120.64 and recovered till 121.72. It is currently trading at 121.07. Overall trend is weak as long as support 120.50 holds. 

On the downside any break below 120.50 confirms further weakness , a decline till 120/119.70 cannot be ruled out .  The pair’s minor resistance is around 121.20 and any break above targets 121.75/122.35. 

It is good to buy at dips around 120.95-121 with SL around 120.50 for the TP of 121.75/122 

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

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