FxWirePro
Short

USD/JPY upside capped by 200-DMA at 121.47, good to sell rallies

FX:USDJPY   U.S. Dollar/Japanese Yen
213 0 5
USD/JPY             is unable to extend gains above 200-DMA at 121.47 which is strong resistance on the upside.

The pair is trading by day's lows at 120.53, any further bullishness could be seen only if pair breaks above 200-DMA.

For now, bears seem to rule the day, downside has accelerated after the RBA policy decision to stay on hold.

Techs indicate further downside, RSI is biased lower, we see a bearish Stochs crossover at overbought levels, a rollover below 80 levels would further confirm downside.

Immediate support on the downside is seen at 120.03 (5-DMA), while on the upside resistance lies at 121.03 (session highs) ahead of 121.47 (200-DMA).

We would sell rallies around 120.70, SL: 121.50, TP: 120/119.75/119.60
Trade closed: target reached
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