USDJPY Technical Analysis (16-20 February,2015) | February 14, 2015

Usdjpy had rejected from near-term resistance at 120.45 level. We can see a bearish engulfing candle on daily chart from that level. So it indicates bearish momentum of this pair. Now it is now facing support level. 118.30-118.50 area is acting as key support level for usdjpy. If it can break this key support, we can see more bearish rally on usdjpy pair. After breakout we can target 117.20 area. If this pair reject from this key level, then we need to take buy entry and target will be 120 area.



Weekly Pivot, Support and Resistance

Resistance Two (R2): 121.30

Resistance One (R1): 120.01

Pivot Point: 119.16

Support One (S1): 117.87

Support Two (S2): 117.02