The pair broke below strong support on 24th Dec and after a brief period on sideways trade has seen sharp slump on the day.
Technically, a break of the psychological 120 handle leaves the downside exposed towards the 119.01 (61.8% Fib of 116.08 to 123.75 rise) ahead of the uptrend at 118.06 (Oct 15 low).
Moving average studies indicate further downside for USD/JPY , next significant level of support is at 119.01 (61.8% Fib of 116.08 to 123.75 rise).
Resistance on the upside is located at 120 levels and further ahead at 120.46 (Session high Jan 4).
We find it good to sell rallies around 119.90, SL: 120.50, TP1: 119, TP2: 118.85
R1: 120.46 (Session high Jan 4)
R2: 120.51 (Dec 29 highs)
R3: 120.57 (10-Day MA)
S1: 119.01 (61.8% Fib of 116.08 to 123.75 rise)
S2: 118.83 (Daily Low Oct 16)