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- USD/JPY has made a high of 120.38 yesterday and retreated till 118.43 today in Asian session.It is currently trading at 119.14. Overall trend is bullish as long as support 118 holds.
- The pair has made a dead cat bounce yesterday after PBOC cuts interest rates by 50 bpbs and with additional cuts for individual sectors.But It is still struggling to hold above 120 level.
- Any further weakness can be seen only below 118 level. Any break below 118 will drag the pair further down till 117/116 in short term.
- The pair is facing short term resistance around and any indicative break above would extend gains till 121/121.60.
It is good to buy at dips around 118.50 with SL around 117.90 for the TP of 120/120.40
