• RES 4: 122
  • RES 3: 121.75 (28th Aug 2015)
  • RES 2:121.30 ( SEP 10TH HIGH)
  • RES 1: 120.75 (20 day HMA)

PRICE: 120.34  @11:23 GMT 

  • SUP 1: 120.16 (38.2 % retracement of 118.05 and 121.50)
  • SUP 2 : 119.60
  • SUP 3: 119
  • SUP 4: 118.60

USD/JPY has broken strong trend line support around 120.48 (trend line joining 118.05 and 119.60) and break below confirms further weakness, a decline till 120/119.60 is possible.

On the higher minor intraday resistance is around 120.80 and break above targets 121.10/121.30 level.

Overall trend reversal only below 119.60. Below 119.60 will drag the pair till 119/118.60.

It is good to sell on rallies around 120.45 with SL around 120.81 for the TP of 119.60.

The material has been provided by InstaForex Company – www.instaforex.com