USDJPY Trade idea

• USD/JPY has recovered after making a low of 118.78 yesterday. It is trading slightly above short term resistance further up move can be seen only above 120.40 (25th Aug high). 
  
  
• Any break above 120.40 would extend gains till 121/121.65 in short term.The pair's major resistance is around 122.30 (200 day HMA). 
  
  
• The pair's potential reversal zone (PRZ) is around 118 and any further weakness only below that level. Below 118 will drag the pair further down till 116/115.55 in short term. 
  
  
• The minor supports are around 119.36/118.78/118.20. 

It is good to buy at dips around 120-120.10 with SL around 119.35 for the TP of 121/121.65

Resistance

R1- 120.60

R2-121

R3- 121.65

Support

S1-119.35

S2-118.75

S3-118