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FxWirePro: USD/JPY struggles to hold above 120, good to sell on rallies

RES 4: 121.75 (28th Aug 2015) RES 4:121.30 ( SEP 10TH HIGH) RES 3: 120.56 (Oct 6th 2015) RES 1: 120.10 (Oct 22nd high) PRICE: 119.78 @11:21 GMT SUP1: 119.50 (200 day HMA) SUP 2 : 119 (50% retracement of 118.05 and 120.09…

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  • RES 4: 121.75 (28th Aug 2015)
  • RES 4:121.30 ( SEP 10TH HIGH)
  • RES 3: 120.56 (Oct 6th 2015)
  • RES 1: 120.10 (Oct 22nd high)

PRICE: 119.78 @11:21 GMT 

  • SUP1: 119.50 (200 day HMA)
  • SUP 2 : 119 (50% retracement of 118.05 and 120.09)
  • SUP 3: 118.50 (Sep 4th 2015)
  • SUP2 : 118

USD/JPY has broken minor trend line support around 119.80 which confirms short term weakness , a decline till 119.50/119.20/118.90 is possible.

On the higher side minor resistance is around 120.10 and break above targets 120.35/120.60 level.

Short term trend reversal above 120.50.

The pair's minor support is around 119.50 (200 day HMA) below which confirms intraday weakness.

It is good to sell on rallies around 119.80-85 with SL around 120.10 for the TP of 119.20/118.95

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