FXWirePro: USD/JPY faces strong support around 118, good to buy at dips

• RES 4: 121
  
  
• RES 3 : 120.63 (50% retracement of 125.27 and 116.07)
  
  
• RES 2: 120.30 (Tenken-sen)
  
  
• RES 1:119.50 (7 day 4H EMA)
  
  

PRICE: 119.56 @11:31 GMT 

• SUP 3 :118.40 (25^th Aug low)
  
  
• SUP 4: 118
  
  
• SUP3: 116.07 (24^th Aug)
  
  
• SUP 4 : 115.55 (Dec 16^th low)

Potential Reversal Zone- 118

USD/JPY has made a high of 120.38 yesterday and retreated till 118.43 today in Asian session.It is currently trading at 119.14. Overall trend is bullish as long as support 118 holds. 

Any further weakness can be seen only below 118 level. Any break below 118 will drag the pair further down till 117/116 in short term. 

The pair is facing short term resistance around and any indicative break above would extend gains till 121/121.60. 

It is good to buy at dips around 118.50 with SL around 118 for the TP of 120.30