FxWirePro: USD/JPY faces strong support around 118.60, good to buy at dips

• RES 4:121.30 ( SEP 10^TH HIGH)
  
  
  
• RES 3: 120.56 (Oct 6^th 2015)
  
  
  
• RES 2: 120.00 (200 day HMA)
  
  
  
• RES 1: 119.70 (Trendline resistance)
  
  

PRICE: 119.43 @11:13 GMT 

• SUP 1: 118.50 (Sep 4^th 2015)
  
  
• SUP2 : 118
  
  
• SUP3 : 117.40 (161.8% retracement of 11860 and 120.48)
  
  
• SUP 4: 116.93 (161.8% retracement of 118.60 and 121.30)

USD/JPY has recovered after making a low of 118 on Thursday  and is currently trading at 119.54.

 The pair is facing major trend line resistance at 119.70 (trend line joining 121.22 and 120.56) and any break above target 120.30/121.

On the downside minor support is around 119.20 and break below targets 118.60/118.

It is good to buy at dips around 119.15-20 with SL around 118.60 for the TP of 120.30/120.70