- Major support – 108 (7 day EMA)
- Major resistance – 109.50 (61.8% retracement of 111.88 and 105.54)
- USD/JPY has retreated after making a high of 109.39. It is currently trading around 108.83.
- Minor weakness can be seen only below 108 level. Any break below 108 will drag the pair down till 107.45 (Tenken-Sen)/106.99 (61.8% retracement of 105.54 and 109.36).
- On the higher side major resistance is around 109.50 and any indicative break above targets 110/110.75.
It is good to buy above 109.50 with SL around 108.85 for the TP of 110/110.75
The material has been provided by InstaForex Company – www.instaforex.com