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USD/JPY struggles to close above 125, targets 123.50

  • RES 4: 126.88 (161.8% retracement of 124.43 and 120.45)

  • RES 3 : 125.85 (jun 5th high)

  • RES 2: 125.30 (Aug 12th high)

  • RES 1:125

PRICE: 124.33 @10:34 GMT 

  • SUP1 : 124.30 (7 day 4 HMA)

  • SUP2 :124.10 (23.6% retracement of 120.40 and 125.27)

  • SUP 3 : 123.50 ( Jul 31st low)

  • SUP 4 :123 (Jul 27th low)

Potential Reversal Zone- 125

USD/JPY has broken minor trend line support at 124.30 which confirms short term weakness , a decline till 123.50 cannot be ruled out. 

The minor resistance is around 124.60 and any break above would extend gains till 125/125.85. 

It is good to sell around 124.30 with SL around 124.65 for the TP of 123.51

 

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