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USD/JPY faces major resistance at 109.50, break above targets 110/110.75

  • Major support – 108 (7 day EMA)
     
  • Major resistance – 109.50 (61.8% retracement of 111.88 and 105.54)
     
  • USD/JPY has retreated after making a high of 109.39. It is currently trading around 108.83.
     
  • 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 resistance is around 109.50 and any indicative break above targets 110/110.75.

It is good to buy above 109.50 with SL around 108.85 for the TP of 110/110.75

 

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