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USD/JPY IS TRADING ABOVE 121.80,JUMP TILL 123.40 IS POSSIBLE

  • RES 4 : 125.79 (161.8% retracement of 121.83 and 115.55)

  • RES3: 124.13 (2007 High)

  • RES2:123.41 (138.2% retracement of 122.01 and 118.32)

  • RES1: 122.05 (Mar 3rd high)

PRICE: 121.84 @ 05:17 GMT 

  • SUP1: 121.50 (20 day HMA)

  • SUP2: 120.46 (200 day HMA)

  • SUP 3: 119.50
  • SUP 4 118.87 (May 14th High)

USD/JPY has broken short term resistance 121.80 and it confirms short term bullishness , a jump till 123.40/124.13 cannot be ruled out . 

Intra day weakness can be seen only below 121.50 and any break below will drag the pair further down till 121/120.60. 

The major resistance is around 122 and break above would extend gains till 123.30/124.10. 

It is good to buy around 121.80-85 with stop around 121.48 for the target of 123.10 

 

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