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FxWirePro:EUR/NZD dips below lower range, bearish bias increases 
FxWirePro :USD/JPY bulls loosen their grip a bit, dips to be bought 
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FxWirePro:EUR/NZD extends fall, key support lies ahead 
- 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.
