The pair logs the weekly loss after gains for three weeks in a row. The JPY was supported by BOJ Governor Kuroda speech on Wednesday. Readers can refer to our forecast from last Monday to exit longs. Selling was advised below 125.00 with a target at 123.00. The pair made a low at 122.48 and changed the direction. The pair managed to hold the 20Dsma support. Ahead of FOMC meeting on Wednesday, shorting is not a good idea. I request traders could wait patiently to open a good trade on the either side.
Weekly resistance: 124.20, 125.60, and 126.00.
Support: 122.30, 121.70, and 120.60.
The pair made a lower low a month later. The current trend favors buying on dips with sl 121.70. If bulls lose 121.70, bears can drive towards 120.00. This is another level of buying on a dip. A strong upswing is taking place above 126.00 towards 129.00 and 133.00, in the extreme case 136.00 is likely to be hit.
Trade: Intraday selling is available below 123.10 with targets at 122.85, 122.50, and 122.00.
Buying is available above 123.90 with targets at 124.10, 124.50, and 125.00. Please consider safe buying above 124.15.