- RES 4: 121.72 (28TH AUG HIGH)
- RES 3:121.30 ( SEP 10TH HIGH)
- RES 2: 120.75 (61.8% retracement of 121.75 and 119.21)
- RES 1: 120.18 (55 day 4H EMA)
PRICE: 119.93 @10:02 GMT
- SUP 1: 119.50 (38.2% retracement of 116.07 and 121.72)
- SUP 2: 118.80 (Aug 9th low)
- SUP3 : 118.60 (Sep 9th low)
- SUP 4: 118.20 (61.8% retracement of 116.07 and 121.72)
USD/JPY is consolidating between narrow range of 120.60-119.62 for the past two trading session
Short term trend is still bearish as long as resistance 120.65 holds and break above will take the the pair further up till 121.30/121.75.
On the lower side short term support is around 119.60 and any break below targets 119/118.60.
It is good to sell on rallies around 120.30-35 with SL around 120.75 for the TP of 119.60.
