Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/JPY faces short term support at 119.20, good to buy at dips

  • USD/JPY has recovered after making a low of 119.21 and is currently trading at 119.96. The pair's major intraday resistance is around 120.60 (Support turned into resistance and also 200 day HMA).

  • It has formed double bottom around 119.20 and any further weakness only below 119.20.

  • Yen rallied against all major currencies due to sell off in global equities.

  • Any break above 120.60 will take the pair further up till 121/121.40 in short term.

  • The minor support is around 119.80 and break below extend losses till 119.20/118.25.

  • Bearish invalidation only above 121.75.

It is good to buy at dips around 120.-120.05 with SL around 119.20 for the TP of 121/121.70

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.