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USD/JPY is trading higher after hawkish FOMC minutes, jump till 122 is possible

  •  RES 4: 123

  • RES 3: 122.01 (Mar 10th high)

  •  RES 2: 121.20 (20th  Mar high)

  •  RES 1: 120.43 (7th Apr high)      

    PRICE: 120.21 @ 5:09 GMT 

  • SUP 1: 120.02 (Tenken-Sen)

  • SUP 2: 119.50 (Kijun-Sen)

  • SUP 3: 116.85 (Mar 2nd low)

  • SUP 4: 115.55 (Dec 16th high)


COMMENTARY:

USD/JPY has recovered after making a low of 119.57 after release of hawkish FOMC minutes meeting. Fed officials divided on a Jun rate lift -off . A large majority of Fed officials see rate hike coming in late 2015.

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 for the target of 121.18/122 with stop around 119.50.

 

 

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