USDJPY
121.30
Bullish Scenario still valid for the pair
The market bounced upwards strongly after the sharp decline that happened, and need to stay above 118 , But the price needs to breach 120.50 level then 121.80 to open the way to achieve positive targets that start at 125.80 and extend to 127.00 to confirm the continuation of rising on the short term and medium term basis, the market would still bullish unless the market is traded below 118. Market has rebounded after recording the high if 125.85, the major player would keep applying buying in dip strategy and target a new record high above 125s (128, & 132: expected on 2016).
The bullish player would exit the losing position if market fell below 118 / 115, as they would expected a more bigger correction toward 110 /105. Reminding you that breaching the resistance at 123.70 will lead the price to regain its main bullish track that its main targets begin at 125, while breaking the support at 120.50 will extend to 118 then 116.
Daily Trend: Down
Weekly Trend: Up
| Support | Resistence | |
| Level 1 | 120.00 | 121.50 |
| Level 2 | 118.50 | 122.80 |
| Level 3 | 116.90 | 123.67 |
