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FxWirePro :USD/JPY faces strong resistance around 121, good to sell on rallies

  • RES 4 : 122.35
  • RES 3: 121.75 (61.8% retracement of 125.27 and 116.07)
  • RES 2: 120.75 (61.8% retracement of 121.75 and 119.21)
  • RES 1 : 120.32 (7 day 4 HEMA)

PRICE: 120.37 @10:02 GMT 

  • SUP 1:119.56 (38.2% retracement of 116.07 and 121.72)
  • SUP 2 :118.40 (25th Aug low)
  • SUP 3: 118
  • SUP 4: 116.07 (Aug 24th 2015)

USD/JPY has recovered till 120.68 after making a low of 119.21. Overall trend is still weak as long as resistance 121 holds.

Any break above 120.75 will take the pair further up till 121.15/121.40 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 sell on rallies around 120.70 with SL around  121.15 for the TP of 119.30.

 

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