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» Unlabelled » USD/JPY faces strong resistance at 120.4,break above targets 121
Thursday, 27 August 2015

USD/JPY faces strong resistance at 120.4,break above targets 121

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Thursday, 27 August 2015
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27 August 2015, 05:19
  • USD/JPY has recovered after making a low of 118.78 yesterday. It is trading slightly above short term resistance further  upmove can be seen only above 120.40 (25th Aug high).
  • Any break above 120.40 would extend gains till 121/121.65 in short term.The pair's major resistance is around 122.30 (200 day HMA).
  • The pair's potential reversal zone (PRZ) is around 118 and any further weakness only below that level. Below 118 will drag the pair further down till 116/115.55 in short term.
  • The minor supports are around 119.36/118.78/118.20.

It is good to buy at dips around 120-120.10 with SL around 119.35 for the TP of 121/121.65

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