Usd/jpy Forms Bullish Gartley Pattern, Jump Till 120.40 Is Possible

• RES 4:121.30 ( SEP 10^TH HIGH)
• RES 3: 120.75 (61.8% retracement of 121.75 and 119.21)
• RES 2: 120.23 (20 day 4 HMA)
• RES 1: 119.75 ( 7 day 4 H EMA)

PRICE: 119.24 @11:57 GMT 

• SUP 1: 119.50 (38.2% retracement of 116.07 and 121.72)
• SUP 2: 118.80 (Aug 9^th low)
• SUP3 : 118.60 (Sep 9^th low)
• SUP 4: 118.20 (61.8% retracement of 116.07 and 121.72)

Harmonic pattern formed- Bullish Gartley pattern

Potential Reversal Zone (PRZ) -119.15

The pair has retreated after making a high of 120.98 yesterday. It’s major support is around 118.60 (Sep 4^th low) and any further weakness only below that level.

Break below 118.60 will drag the pair further down till 118.20/117.90.

The intraday minor resistance is around 119.40 and any indicative break above will take the pair till 119.77/120.02/120.50.

It is good to buy around 119.10 with SL around 118.59 for the TP of 119.80/120.35

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