- 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
