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FxWirePro: USD/JPY struggles to close above 121, good to buy at dips

RES 4: 123 (161.8% retracement of 121.72 and 118.05) RES 3: 122 RES 2: 121.75 (28th Aug 2015) RES 1:121.30 ( SEP 10TH HIGH) PRICE: 120.99 @11:43 GMT SUP 1: 120.80 (Kijun-Sen) SUP 2: 120.50 (20 day 4HMA) SUP 3 : 120 (200 …

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  • RES 4: 123 (161.8% retracement of 121.72 and 118.05)


  • RES 3: 122


  • RES 2: 121.75 (28th Aug 2015)


  • RES 1:121.30 ( SEP 10TH HIGH)

PRICE: 120.99 @11:43 GMT 

  • SUP 1: 120.80 (Kijun-Sen)

  • SUP 2: 120.50 (20 day 4HMA)

  • SUP 3 : 120 (200 day 4 HMA)

  • SUP 4 : 119.60

USD/JPY has retreated till 120.78 today at the time of writing after making a high of 121.50. Short term trend is bullish as long as support 120.68 holds.

On the higher side minor resistance is around 121.50 and break above targets 122/123.10.

The pair's minor support is around 120.50 and break below will drag the pair till 120.10/119.60.

Overall trend reversal only below 119.95.

It is good to buy at dips around 120.95-121 with SL around 120.50 for the TP of 122/123.

 

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