USD/JPY trades well below 124, decline till 122.90 is possible
Intraday trend – Bearish
Short term trend – Bullish
USD/JPY has broken short term support 123.80 which confirms short term weakness, a decline till 122.90 cannot be ruled out.
On the downside minor support is around 123.60 and break below targets 123.30/122.90.
It will be facing resistance around 124.10 and break above would extend gains till 124.50/125.
Bullish invalidation only below 122.90 (Jul 14th low)
It is good to sell on rallies around 123.80 with SL around 124.20 for the TP of 122.90.
Short term trend – Bullish
USD/JPY has broken short term support 123.80 which confirms short term weakness, a decline till 122.90 cannot be ruled out.
On the downside minor support is around 123.60 and break below targets 123.30/122.90.
It will be facing resistance around 124.10 and break above would extend gains till 124.50/125.
Bullish invalidation only below 122.90 (Jul 14th low)
It is good to sell on rallies around 123.80 with SL around 124.20 for the TP of 122.90.