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FxWirePro: USD/JPY pares losses in European session, good to sell on rallies

Res 4 :124.50 (61.8% retarcement of 125.84 and 122.47) RES 3: 124.15 (Jun 11th high) RES 2: 123.65 (61.8 % retracement of 124.43 and 122.47) RES 1:123.40 (200 day HMA) PRICE: 122.83 @ 09:23 GMT SUP 1 : 122.40 (Jun 10th l…

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  • Res 4 :124.50 (61.8% retarcement of 125.84 and 122.47)

  • RES 3: 124.15 (Jun 11th high)

  • RES 2: 123.65 (61.8 % retracement of 124.43 and 122.47)

  • RES 1:123.40 (200 day HMA)

PRICE: 122.83 @ 09:23 GMT 

  • SUP 1 : 122.40 (Jun 10th low)

  • SUP 2: 122 (Jun 28th low)

  • SUP 1 : 121.50 (61.8% retracement of 125.84 and 118.87)

  • SUP 4: 121

USD/JPY has made a low of 1220.09 and recovered from that level. Overall trend is bearish as long as short term resistance 123.50 holds.

Break above that level will target 124/124.40 in short term.

It is good to sell at 123.10-15 with SL around 123.51 for the TP 122.10/121.30

 

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