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USD/JPY is unable to extend gains above 200-DMA at 121.47 which is strong resistance on the upside.
- The pair is trading by day's lows at 120.53, any further bullishness could be seen only if pair breaks above 200-DMA.
- For now, bears seem to rule the day, downside has accelerated after the RBA policy decision to stay on hold.
- Techs indicate further downside, RSI is biased lower, we see a bearish Stochs crossover at overbought levels, a rollover below 80 levels would further confirm downside.
- Immediate support on the downside is seen at 120.03 (5-DMA), while on the upside resistance lies at 121.03 (session highs) ahead of 121.47 (200-DMA).
Recommendation: We find it good to sell rallies around 120.70, SL: 121.50, TP: 120/119.75/119.60
