USD/JPY struggles to close above 200 day HMA, targets 121.60
USD/JPY drops sharply till 122.47 and recovered till 123.20. Intraday trend is weak as long as 123.30 (200 day HMA) is intact
On the downside break below 122.40 will target 121.54 (61.8% retracement of 125.84 and 118.88).
The pair’s minor resistance is around 123.30 and break above will target 123.80/124.15 level.
Bearish invalidation only above 124.50
It is good to sell on rallies around 122.85-90 with SL of 123.35 for the TP of 122.40/121.60.
On the downside break below 122.40 will target 121.54 (61.8% retracement of 125.84 and 118.88).
The pair’s minor resistance is around 123.30 and break above will target 123.80/124.15 level.
Bearish invalidation only above 124.50
It is good to sell on rallies around 122.85-90 with SL of 123.35 for the TP of 122.40/121.60.