USD/JPY struggles to hold above 120 level, good to buy at dips

FX:USDJPY   U.S. Dollar/Japanese Yen
286 0 8
USD/JPY             has made a high of 120.38 yesterday and retreated till 118.43 today in Asian session.It is currently trading at 119.14. Overall trend is bullish as long as support 118 holds.

The pair has made a dead cat bounce yesterday after PBOC cuts interest rates by 50 bpbs and with additional cuts for individual sectors.But It is still struggling to hold above 120 level.

Any further weakness can be seen only below 118 level. Any break below 118 will drag the pair further down till 117/116 in short term.

The pair is facing short term resistance around and any indicative break above would extend gains till 121/121.60.

It is good to buy at dips around 118.50 with SL around 117.90 for the TP of 120/120.40
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