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Short

USD/JPY breaks minor support 122.80, decline till 122 is possibl

FX:USDJPY   U.S. Dollar/Japanese Yen
274 2 7
Potential reversal Zone -122.80 ( trend line joining 120.25 and 122.22)

The pair has broken this level and declined till 122.62 and is currently trading around 122.75

Intraday trend is positive as long as resistance 123.20 holds.

Any break above 123.20 will take the pair to new level 123.75/124.15.

On the downside support is at 122.48 and break below targets 122/121.50.

It is good to sell on rallies around 122.85-90 with SL around 123.21 for the TP of 122/121.50.
jhakas
a year ago
uj posted an extremely 4hr bearish candle... so if that remains.. uj deep down 121.5 possible.. and if that candle taken out which is at 12303...then that would be alarm sign for bears to stay away.. so far it is below trendline and 4hr 50 sma.. so sellers has edge..
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mahmoodnoori
a year ago
thanks for your good idea .
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