USD/JPY trade Idea

USD/JPY has broken minor trend line support around 120.50 (trend line joining 119.96 and 120.35) and a short decline till 119.95 is possible.

• On the higher side intraday resistance is around 120.75 and break above will take the pair till 121.30.
   
• Short term trend reversal only above 121.30.
   
• The pair's minor support is around 120.20 and break below targets 119.95/119.50.

It is good to sell on rallies around 120.40-45 with SL around 120.76 for the TP of 119.95/119.60

Resistance

R1- 120.75

R2-121.30

R3- 122

Support

S1-119.95

S2-119.50

S3-118.75