USD/JPY opened Asia 120.29 after moving in a narrow range during US session overnight
- The pair fell below 120.00 as sharp fall in Japan's stocks reinforced risk-aversion across the board, boosting yen demand
- USD/JPY hit session lows at 119.86, but has since pared losses to regain the 120 handle, is currently trading at 120.03
- 4-hourly Kijun at 119.84 provides support on the downside, breaks below could take the pair to 119.60 levels
- On the upside resistance is seen at 120.25 (4h cloud top) ahead of 120.61 (Daily High Sep 22)
Resistance Levels:
R1: 120.25 (4h cloud top)
R2: 120.61 (Daily High Sep 22)
R3: 120.72 (Weekly Tenkan-Sen)
Support Levels:
S1: 119.84 (4-hourly Kijun )
S2: 119.63 (Session Low Sep 23)
S3: 119.17 (Triangle Base From 118.25)
