USD/JPY breaks major support 120.60, targets 118.60

USD/JPY has broken major support 120.60 (200 day MA) and is trading well below that level. Overall trend is weak a decline till 119.40/118.60 cannot be ruled out.

On the higher side minor resistance is around 120.95 and nay break above would extend gains till 121.30/121.65 is possible.

Short term bearish invalidation only below 121.65 level.

it is good to sell on rallies around 120.45-50 with SL around 121.65 for the TP of 119.40/118.60