Usd/jpy Faces Minor Resistance Around 120.35, Good to Buy at Dips

• RES 4:121.30 ( SEP 10^TH HIGH)
• RES 3: 120.80 (200 day 4 hma)
• RES 2: 120.50 (61.8 % retracement of 121.30 and 119.25)
• RES 1: 120.10 (55 day 4 H EMA)

PRICE: 120.03 @11:30 GMT 

• SUP 1: 119.50 (38.2% retracement of 116.07 and 121.72)
• SUP 2: 119.20 (Sep 24^th 2015)
• SUP 3: 118.80 (Aug 9^th low)
• SUP 4: 118.50 (Sep 4^th 2015)

USD/JPY has recovered till 120.32 after making a low of 119.27 on Tuesday. Short term trend is still bullish as long as support 119.60 holds. 

Any break below 119.60 will drag the pair further down till 119.20/118.80. The pair’s minor support is around 119.50. 

The minor resistance is around 120.10 and any indicative break above will take the pair till 120.75/121.25 in short term.  It is good to buy at dips around 119.70-75 with SL around 119.20 for the TP of 120.74/121.25

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