USD/JPY faces short term support at 119.2,good to buy at dips
USD/JPY has recovered after making a low of 119.21 and is currently trading at 119.96. The pair’s major intraday resistance is around 120.60 (Support turned into resistance and also 200 day HMA).
It has formed double bottom around 119.20 and any further weakness only below 119.20.
Yen rallied against all major currencies due to sell off in global equities.
Any break above 120.60 will take the pair further up till 121/121.40 in short term.
The minor support is around 119.80 and break below extend losses till 119.20/118.25.
Bearish invalidation only above 121.75.
It is good to buy at dips around 120.-120.05 with SL around 119.20 for the TP of 121/121.70
It has formed double bottom around 119.20 and any further weakness only below 119.20.
Yen rallied against all major currencies due to sell off in global equities.
Any break above 120.60 will take the pair further up till 121/121.40 in short term.
The minor support is around 119.80 and break below extend losses till 119.20/118.25.
Bearish invalidation only above 121.75.
It is good to buy at dips around 120.-120.05 with SL around 119.20 for the TP of 121/121.70
