FxWirePro: USD/JPY approaching resistance level at 121.38, buy deal are recommended around 120.80

USD/JPY is approaching to test resistance level at 124.38. The support level at 120.59 is massively strong and set to hold the bears from falling further below pair are set to continue its bullish momentum in the short and medium term. Therefore, it is advised to enter long orders whenever there is short pullback downwards. 

• Levels around 120.80 should be taken as advantage for buying opportunities, As US dollar is expected to strengthen shortly against the Japanese Yen.

• Strong support can be seen at 120.59 (38.2 % Retracement Level), a break below this level will expose the pair to next support level at 120.30 levels .

• Major resistance can be seen at 121.63, a break above this level will open the door to 122 levels.

Recommendation: We prefer long  above 120.80, targets 121.50, 120.80, SL 120.10.

Resistance Levels

R1: 121.38 (50 % Retracement Level)

R2: 121.63 (Aug 31st high)

R3:122.06 (61.8 % Retracement Level)

Support Levels

S1: 120.88 (Aug 31st lows)

S2: 120.59 (38.2 % Retracement Level)

S3:120.30 (Aug 27th lows)