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USD/JPY trades well above shorter resistance 123, jump till 125 is possible

RES 4 : 125.85 (jun 5th high) RES 3:125 RES 2: 124.36 (Jun 24th high) RES 1 : 123.71 (2nd jul high) PRICE: 123.35 @ 10:36 GMT SUP 1 : 123.37 ( 200 day 4 HMA) SUP 1: 122.60 (20 day 4 HEMA) SUP 2 :122.05 (Kijun-Sen) SUP 3:…

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  • RES 4 : 125.85 (jun 5th high)

  • RES 3:125

  • RES 2: 124.36 (Jun 24th high)

  • RES 1 : 123.71 (2nd jul high)

PRICE: 123.35 @ 10:36 GMT 

  • SUP 1 : 123.37 ( 200 day 4 HMA)

  • SUP 1: 122.60 (20 day 4 HEMA)

  • SUP 2 :122.05 (Kijun-Sen)

  • SUP 3: 121.60 (61.8% retracement of 120.40 and 123.71)

USD/JPY has recovered after making a low of 123.17 in Asian session . Overall trend is bullish as long as support 122.90 holds.

On the downside any break below 122.90 will drag the pair further down till 122.40/122 in short term.

The minor resistance on the higher side is at 123.71 and any indicative break above would extend gains till 124.40/125/125.85.

Bullish invalidation only below 122.

It is good to buy at dips around 123.40-45 with SL around 122.90 for the TP of 124.40/125

 

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