Usd/jpy Breaks Short Term Resistance 120, Targets 121.60

• RES 4: 121.65 (55 day 4 hema)
• RES 3: 121
• RES 2 : 120.63 (50% retracement of 125.27 and 116.07)
• RES 1: 120.30 (Tenken-sen)

PRICE: 120.30 @10:11 GMT 

• SUP 3 :118.40 (25^th Aug low)
• SUP 4: 118
• SUP3: 116.07 (24^th Aug)
• SUP 4 : 115.55 (Dec 16^th low)

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

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