FxWirePro: USD/JPY breaks support at 120.70, could extend falls to 119 levels

USD/JPY has breached strong trendline support at 120.70, with the Yen slightly bid on the BoJ minutes.

• Price action is below the 100/200 cross over and cluster of MA's on the daily chart, and has on the day fallen below the daily Cloud base at 120.91.
   
• Multiple daily lows are seen in the vicinity of  120.35, this is a strong support zone, break to the downside could target 119 level near‐ term.
• USD/JPY is currently trading at 120.63, off from day's high at 120.98. Immediate support is seen at 120.33 (Dec 14 low), while resistance is located at 121.12 (Dec 23 high).

 

Resistance Levels:
R1: 120.96 (5 DMA)

R2: 121.12 (Dec 23 high)

R3: 121.31 (10 DMA)

Support Levels:

S1: 120.33 (Dec 14 low)

S2: 120.25 (Nov 2nd lows)

S3: 120.16 (Oct 27 lows)