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FxWirePro: USD/JPY faces strong resistance around 121.50, good to sell on rallies

  • RES 4: 123.10
  • RES 3: 122
  • RES 2: 121.75 (28th Aug 2015)
  • RES 1:121.30 ( SEP 10TH HIGH)

PRICE: 120.94@12:22 GMT 

  • SUP1 :120.60 (20 day 4HMA)
  • SUP 2 120.16 (38.2 % retracement of 118.05 and 121.50)
  • SUP 2 : 119.60
  • SUP 3: 119

Harmonic pattern - Bullish Gartley pattern

Potential Reversal Zone (PRZ) -121.35

USD/JPY has made a high of 121.25 and declined from that level. It is currently trading at 120.78.

On the downside major support is around 120.50 and break below targets 120/119.60 level.

Short term bullish invalidation only below 119.60.

The pair's major resistance is around 121.50 and indicative break above will take the pair to next level to 122/122.30.

It is good to sell on rallies around 120.95-121 with SL around 121.35 for the TP of 120.05.

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