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USD/JPY is sruggling to close above 120 level, decline till 118.30 is possible

RES 4: 122.01 (Mar 10th high) RES 3: 121.20 (Mar 20th high) RES 2: 120.50 (Apr 7th high) RES 1: 119.96 (Kijun-Sen) PRICE: 119.84 @ 5:58 GMT SUP 1: 119.60 (200 DAY HMA) SUP 2: 119.30 (Cloud bottom) SUP 3: 118.70 (Apr 3rd …

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  • RES 4: 122.01 (Mar 10th high)

  • RES 3: 121.20 (Mar 20th high)

  • RES 2: 120.50 (Apr 7th high)

  • RES 1: 119.96 (Kijun-Sen)

      PRICE: 119.84 @ 5:58 GMT 

  • SUP 1: 119.60 (200 DAY HMA)

  • SUP 2: 119.30 (Cloud bottom)

  • SUP 3: 118.70 (Apr 3rd low)

  •  SUP 4: 118.30 (Mar 26th low)

COMMENTARY:

USD/JPY has retreated after making a high of 120. trend is weak if the pair breaks 119.60 (200 day HMA) and any break below will drag the pair further down till 119.30/118.69 in short term.

On the upside minor resistance is around 119.96 and any break above would extend gains till 120.50/121.18.

It is good to sell on rallies around 120 for the target of 118.70 with stop around 120.50.


 

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