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USD/JPY TECHNICALS

Tuesday, March 10, 2015 6:35 AM UTC

RES 4: 128.33- 161.8% projection of 115.55 to 121.80 from 118.22.
RES 3: 125.66 - 161.8% retracement of 121.80 and 115.55.
RES 2: 124.13 - Jun 2007 High.
RES 1: 122.20 - Jan 2007 high.
PRICE: 121.85 @ 6:20GMT
SUP 1: 121(23.6% retracement of 118.22 to 122.01.
SUP 2: 120.50 (Yesterday Low).
SUP 3: 119.90 (200 day HMA).
SUP 4: 119.30 - Feb 3^rd Low.

COMMENTARY:

USD/JPY has broken short term major resistance 121.80 which was temporary top formed on Dec 23^rd 2014 and made a new yearly high (122.01). It confirms the continuation of bullish trend and jump till 124.13 (Jun 2007 high).Overall trend is bullish as long 119.30 holds. Short term bullish invalidation can happen only below 118.

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