FxWirePro: USD/JPY key support at 120.80, buy deal are recommended around 121.00

USD/JPY has rebounded strongly after hitting support level at 121.40 to trade around 120.61 levels, currently the pair is approaching to test support level at 121.41. The support level at 120.80 is set to hold the bears from falling further below and bring a rebound towards upside. Therefore, it is good to go long on this pair on dips. 

• Levels around 121.00 should be viewed as advantage for buying opportunities, As US dollar is expected to strengthen against the Japanese Yen.
   
• Strong support can be seen at 120.82, a break below this level will expose the pair to next support level at 120.20 levels.
• Major resistance can be seen at 122.00, a break above this level will open the door to 122.50 levels.

Recommendation: We prefer long above 121.00, targets 121.80, 122.40, SL 120.50.

Resistance Levels

R1: 122.00 (Daily high) 
R2: 122.22 (23.6 % Retracement Level)
R3: 122.88 (July10th high)

Support Levels

S1: 121.43 (38.2 % Retracement Level)
S2: 120.82 (50 % Retracement Level)
S3:120.20 (61.8 % Retracement Level)