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

• RES 4: 122.30
• RES 3: 121.75 (28th aug high)
• RES 2:121.30 ( SEP 10TH HIGH)
• RES 1: 120.30 (7 day 4 H EMA)

PRICE: 120.08 @11:48 GMT 

• SUP 1: 119.50 (38.2% retracement of 116.07 and 121.72)
• SUP 2: 119.20 (Sep 24th 2015)
• SUP 3: 118.80 (Aug 9th low)
• SUP 4: 118.50 (Sep 4th 2015)

USD/JPY has made a high of 120.55 and declined till 119.76 today morning after BOJ kept its monetary policy unchanged.  It is currently trading at 120.13 Overall trend is still bullish as long as support 119.60 holds.

The central bank kept its pledge to increase base money at an annual pace of 80 trillion yen ($666 billion) through aggressive asset purchases.

Overall bullish invalidation only below 118.60

Any break below 119.60 will drag the pair further down till 119.20/118.60. The pair's minor support is around 119.95. 

The minor resistance is around 120.60 and any indicative break above will take the pair till 121.25 in short term. 

It is good to buy at dips around 119.95-120 with SL around 119.50 for the TP of 120.74/121.25.