Major support – 108 (7 day EMA)
Major resistance – 108.81 (21 day MA)
USD/JPY has taken support near 7 day EMA and slightly recovered from that level. It is currently trading around 108.75.
Minor weakness can be seen only below 108 level. Any break below 108 will drag the pair down till 107.45 (Tenken-Sen)/106.99 (61.8% retracement of 105.54 and 109.36).
On the higher side major intraday resistance is around 108.81 and any indicative break above targets 109.50 (61.8% retracement of 111.88 and 105.54).
The pair should break above 109.50 for further upside till 110/110.72.
It is good to buy at dips around 108.75-108.80 with SL around 108 for the TP of 110/110
Major resistance – 108.81 (21 day MA)
USD/JPY has taken support near 7 day EMA and slightly recovered from that level. It is currently trading around 108.75.
Minor weakness can be seen only below 108 level. Any break below 108 will drag the pair down till 107.45 (Tenken-Sen)/106.99 (61.8% retracement of 105.54 and 109.36).
On the higher side major intraday resistance is around 108.81 and any indicative break above targets 109.50 (61.8% retracement of 111.88 and 105.54).
The pair should break above 109.50 for further upside till 110/110.72.
It is good to buy at dips around 108.75-108.80 with SL around 108 for the TP of 110/110