Intraday trend – Bearish

Short term trend – Bullish

  • USD/JPY has broken short term support 123.80 which confirms short term weakness, a decline till 122.90 cannot be ruled out.
  • On the downside minor support is around 123.60 and break below targets 123.30/122.90.
  • It will be facing resistance around 124.10 and break above would extend gains till 124.50/125.
  • Bullish invalidation only below 122.90 (Jul 14th low).

It is good to sell on rallies around 123.80 with SL around 124.20 for the TP of 122.90.

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