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USD/JPY has rebounded strongly after hitting minor support level at 116.45 and is bouncing to test resistance level at 117.27, the resistance level located 117.67 set to hold the bull from advancing further and push the pair towards lower levels in the short term, as the US dollar is weaker across the board against Japanese yen. Therefore, it's good to sell this pair on rallies.
- Strong support can be seen at 116.45, a break below this level will expose the pair towards next support level located at 115.85.
- Major resistance can be seen at 117.67, a break above this level will open the gates towards 118.11 levels.
Recommendation: We prefer short around above 117.50, targets 117.00, 116.00, SL 118.30.
Resistance Levels
R1: 117.27 (Session high)
R2: 117.67 (61.8% Retracement Level)
R3: 118.11 (Jan 19th high)
Support Levels
S1: 116.77 (50 % Retracement Level)
S2: 116.45 (Daily lows)
S3: 115.85 (38.2 % Retracement Level)
