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USD/JPY breaks 120.50, jump till 122 is possible

Friday, April 10, 2015 5:23 AM UTC

RES 4: 123
RES 3: 122.01 (Mar 10^th high
RES 2: 121.20 (20^th Mar high)
RES 1: 120.43 (7^thApr high)

PRICE: 120.51 @ 5:17 GMT

SUP 1: 120.29 (Kijun-Sen)
SUP 2: 119.79 (200 day HMA)
SUP 3: 119.45 (61.8% retracement of 118.71 and 120.73)
SUP 4: 118.70 (Apr 3^rd low)

COMMENTARY:

USD/JPY has broken short term resistance 120.50 and jump till 122 cannot be ruled out. Short term trend is bullish as long as support 119.80 holds.

On the upside minor resistance is around 120.50 and any break above would extend gains till 121.18/122.01.

It is good to buy around 120.30 for the target of 121.18/122 with stop around 119.80.

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USD/JPY breaks 120.50, jump till 122 is possible

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