FxWirePro: USD/JPY consolidates around 121.52 levels, bias remains bullish

USD/JPY has slipped sharply to trade around 121.50 levels, initially the pair jumped to hit high around 123.60 levels during the course of Bank of Japan press conference in the early Asian session, wherein the central bank made some changes to its monetary policy, due to the following event the yen rebounded sharply against US dollar gaining almost 140pips. 

• However, further decline is expected to be limited around 120.80 levels as the support level at 120.50 levels is set to hold the bears from falling further below, and bring a rebound towards higher levels, therefore it's good to buy this pair above 120.80 levels.
   
• Immediate support can be seen at 121.28, a break below this level will expose the pair downwards towards 121.04 levels.
   
• Major resistance can be seen at 122.03, a break above this level will open the door towards 123.50 levels.
  
  Recommendation: We prefer long above 120.80, targets 121.80, 122.40, SL 120.40.
  
  Resistance Levels
  
  R1: 121.75 (Session high) 
  
  R2: 122.03 (38.2% Retracement Level)
  
  R3:122.64 (Dec 17th high)
  
  Support Levels
  
  S1: 121.28 (50 % Retracement Level) 
  
  S2: 121.04 (Daily lows) 
  
  S3: 120.50 (61.8 % Retracement Level)