USD/JPY Trade Idea

• Major support – 108 (7 day EMA)
   
• Major resistance – 108.81 (21 day MA)
   
• USD/JPY has taken support near 7 day EMA and slightly recovered from that level. It is currently trading around 108.75.
   
• Minor weakness can be seen only below 108 level. Any break below 108 will drag the pair down till 107.45 (Tenken-Sen)/106.99 (61.8% retracement of 105.54 and 109.36).
   
• On the higher side major intraday resistance is around 108.81 and any indicative break above targets 109.50 (61.8% retracement of 111.88 and 105.54).
   
• The pair should break above 109.50 for further upside till 110/110.72.

It is good to buy at dips around 108.75-108.80 with SL around 108 for the TP of 110/110.70.

R1-109.50

 R2-110

R3-110.72

Support

S1-108

S2-107.45

S3- 106.99