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Harmonic pattern formed: Bearish Butterfly pattern
Potential Reversal Zone (PRZ)-122.60
- USD/JPY has recovered till 120.65 after making a low of 119.71 yesterday. It is currently trading at 120.49.
- Short term trend is still bullish as long as support 119.60 holds and break below drag the pair further down till 119/118.60.
- On the higher side short term resistance is around 120.75 and any break above targets 121.30/122.
It is good to buy at dips around 120.25-30 with SL around 119.60 for the TP of 121.30/122
