- RES 4: 125
- RES 3 : 124.50 (Cloud bottom)
- RES 2: 123.80 (200 day 4 hma)
- RES 1:123.25 (7 day 4H EMA)
PRICE: 122.94 @10:14 GMT
- SUP 3 :123 (Jul 27th low)
- SUP 4: 122.25 (61.8% retracement of 120.40 and 125.27)
- SUP3: 121.90
- SUP 4 : 120.40 (Jul 8th low)
Potential Reversal Zone- 125
The pair has made low of 123.32 and closed at 123.35 yesterday. It has broken major support in Asian session as Asian markets extend their free fall for the second straight session. The demand for safe haven assets like gold, yen, long-end treasuries.
USD/JPY is trading near major trend line support 122.70 (trend line joining 105.18 and 120.45) and any break below will drag the pair further down till 122.20/121.95.
On the higher side major intraday resistance is around 123.40 and any break above would extend gains till 123.75/124/124.20.
It is good to buy at dips around 122.80-85 with SL around 122.20 for the TP of 123.75/124.15.
