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

• RES 4:121.30 ( SEP 10^TH HIGH)
  
  
• RES 3: 120.93 (200 day 4 hma)
  
  
• RES 2: 120.50 (61.8 % retracement of 121.30 and 119.25)
  
  
• RES 1: 120.20 (20 day 4 H EMA)
  
  

PRICE: 119.94@12:45 GMT 

• SUP 1: 119.50 (38.2% retracement of 116.07 and 121.72)
  
  
• SUP 2: 119.20 (Sep 24^th 2015)
  
  
• SUP 3: 118.80 (Aug 9^th low)
  
  
• SUP 4: 118.50 (Sep 4^th 2015)

USD/JPY has broken minor channel support 12005 and declined till 119.25. It is currently trading at 119.88.

The pair's major trend line support is around 119.20 and any break below will target 118.60.

On the higher side minor resistance is around 120.35 and any break above would extend gains till 121/121.30.

It is good to buy at dips around 119.25-30 with SL around 118.60 for the TP of 120.30/120.70