FxWirePro: USD/JPY approaching key resistance level at 121.52, downside prevails in the short term

 

• USD/JPY approaching resistance level at 121.52, It is set to fall further towards 120.00 and later 119.80 levels.

• The pair is trading at 121.44, immediate support can be seen at 121.19 (61.8% Retracement Level). A break below this level will expose the pair to next support level at 120.93.

• Major resistance can be found at 122.00(July 8^th high), a break above this level will open the door to 122.50 handle.

Recommendation: We prefer short below 121.50, targets 120.00, 119.90, SL 122.20.

Resistance Levels

R1: 121.67           

R2: 122.00 (July 8^th high)

R3: 122.65

Support Levels

S1:121.19 (61.8 % Retracement Level)                                   

S2:120.93

S3:120.67 (38.2 % Retracement Level)