Technical outlook and chart setups:
The USD/JPY pair sparked off a good drop, which had been expected from 125.00. The pair seems to have hit its initial target and bounced off a high towards 121.00 again. Please note that the pair is at past support-turned-resistance zone and a bearish signal here would be another opportunity to go short. It is hence recommended to initiate fresh short positions ahead of 125.00 with risk above 125.00 for now. Immediate support is seen at 117.00 followed by 115.00 and lower, while resistance is seen at 125.00 followed by 125.80 and higher respectively.
Initiate fresh short positions around 123.00/124.00, stop at 125.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com