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USD/JPY trade above short term resistance 122, good to buy at dips

  • RES 4 : 123.71 (2nd jul high)

  • RES 3 : 123.03 (61.8% retracement of 125.84 and 121.30)

  • RES 2: 122.92 (Jul 6TH HIGH)

  • RES 1: 122.36 (55 day 4 H EMA)

PRICE: 122.35 @ 10:53 GMT 

  • SUP 1 : 121.78 ( 7 day 4 H EMA)

  • SUP 1: 121.25 (161.8% retracement of 122.47 and 124.36)

  • SUP 2 :121

  • SUP 3: 120.60 (61.8% retracement of 115.55 and 125.84)

USD/JPY is trading higher due to improved sentiments in Asian equity markets. Chinese market is up over 5% and it has reclaimed 3900 level.

Technically USD/JPY is facing pschycological resistance at 122 and any break above would extend gains till 122.56/123 in short term.

On the downside intraday weakness can be seen only below 121.60 and break below will drag the pair further down till 121/120.40.

Bullish invalidation only below 120.30.

It is good to buy at dips around 121.90 with SL around 121.60 for the TP of 122.56/123.

 

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