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USD/JPY faces strong resistance around 124.50, good to sell on rallies

  • RES 4: 125.84 (jun 5th high)

  • res 4 :124.50 (61.8% retarcement of 125.84 and 122.47)

  • RES 3: 124.15 (Jun 11th high)

  • RES 1:123.89 (7 day H EMA)

PRICE: 123.64 @ 09:05 GMT 

  • Sup 1 : 123.37 (200 day HMA)

  • SUP 1 : 122.40 (Jun 10th low)

  • SUP 2: 122

  • SUP 1 : 121.50 (61.8% retracement of 125.84 and 118.87)

USD/JPY breaks trend line resistance at 123.60 and this confirms short term bullishness, a jump till 125/125.85 is possible.

Intraday weakness only below 123.45. Break below will target 123/122.45 in short term.

It is goo to buy at dips around 123.85 with SL around 123.45 for the TP of 125/125.85

 

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