Technicals

Add as a preferred source on Google

FxWirePro: USD/JPY struggles to break above 121.50, good to sell on rallies

RES 4: 122 RES 3: 121.75 (28th Aug 2015 high) RES 2: 121.50 (30th Oct 2015 high) RES 1: 120.80 (7 day HMA) PRICE: 120.85 @11:26 GMT SUP 1 120.09 (200 day HMA) SUP 2 : 119.60 SUP 3: 119 SUP 4: 118.60 Harmonic pattern Form…

1 min read
EconoTimes — Reading the Times. Understanding the Future.

Read the original article

  • RES 4: 122
  • RES 3: 121.75 (28th Aug 2015 high)
  • RES 2: 121.50 (30th Oct 2015 high)
  • RES 1: 120.80 (7 day HMA)

PRICE: 120.85 @11:26 GMT 

  • SUP 1 120.09 (200 day HMA)
  • SUP 2 : 119.60
  • SUP 3: 119
  • SUP 4: 118.60

Harmonic pattern Formed- Bullish Bat Pattern

Potential Reversal Zone (PRZ) -121.50

USD/JPY made a high of 121.48 (trend line joining 121.22 and 121.48) and retreated till 120.28 from that level. It is currently trading at 120.67.

On the downside major support is around 119.60 and break below will drag the pair till 119/118.60 in short term. The pair's minor support is around 120.

Any break above 121.50 confirms further bullishness, jump till 122.40 is possible.

It is good to Sell on rallies around 120.90-95 with SL around 121.51 for the TP of 119.60/119.

Related articles

View all
Technicals

Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560