USD/JPY trades higher on strong Asian equity markets,targets 123
USD/JPY is trading higher due to improved sentiments in Asian equity markets. Chinese market is up over 5% and it has reclaimed 3900 level.
Technically USD/JPY is facing psychological resistance at 122 and any break above would extend gains till 122.56/123 in short term.
On the downside intraday weakness can be seen only below 121.60 and break below will drag the pair further down till 121/120.40.
Bullish invalidation only below 120.30.
It is good to buy at dips around 121.90 with SL around 121.60 for the TP of 122.56/123.
Technically USD/JPY is facing psychological resistance at 122 and any break above would extend gains till 122.56/123 in short term.
On the downside intraday weakness can be seen only below 121.60 and break below will drag the pair further down till 121/120.40.
Bullish invalidation only below 120.30.
It is good to buy at dips around 121.90 with SL around 121.60 for the TP of 122.56/123.