Usd/jpy Trades Well Below Ichimoku Cloud, Decline Till 121.25 Is Possible

  • USD/JPY has made a low of 122.09 and recovered till 123.10 yesterday. Overall trend is weak as long as resistance 123.50 holds.
  • Intraday resistance is at 122.80 and break above will target 123.10/123.50.
  • Major intraday support – 122 break below confirms further weakness , a decline till 121.27 (161.8% of 122.47 and 124.36) is possible.

It is good to sell around 122.20 with SL around 122.80 for the TP of 121.25.

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

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