FxWirePro: USD/JPY faces short term support at 119.20, good to buy at dips

• USD/JPY has recovered after making a low of 119.21 and is currently trading at 119.96. The pair's major intraday resistance is around 120.60 (Support turned into resistance and also 200 day HMA).
  
  
• It has formed double bottom around 119.20 and any further weakness only below 119.20.
  
  
• Yen rallied against all major currencies due to sell off in global equities.
  
  
• Any break above 120.60 will take the pair further up till 121/121.40 in short term.
  
  
• The minor support is around 119.80 and break below extend losses till 119.20/118.25.
  
  
• Bearish invalidation only above 121.75.

It is good to buy at dips around 120.-120.05 with SL around 119.20 for the TP of 121/121.70