JPY Trading Outlook (04-01-2016)

USD/JPY Intraday: key resistance at 120.45

Pivot: 120.45

Our preference: short positions below 120.45 with targets @ 119.95 & 119.8 in extension.

Alternative scenario: above 120.45 look for further upside with 120.65 & 121 as targets.

Comment: the upward potential is likely to be limited by the resistance at 120.45.

Supports and resistances:
121 **
120.65 **
120.45 ***
120.29 Last
119.95 **
119.8 ***
119.6 **

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