>USD/JPY is approaching support level at 119.97, currently the pair is trading at 120.08 and it is set to decline further towards 119.80 and later 119.50 levels, as Japanese Yen is set to gain against US dollar which is broadly weaker across the board ahead of this year's most important FOMC Meeting.
>Strong support can be seen at 119.62, a break below this level will expose the pair to next support level at 119.24.
>Major resistance can be seen at 120.28, a break above this level will open the door to 120.85 levels.
Recommendation: We prefer short below 120.25, targets 119.70, 119.50, SL 120.90.
Resistance Levels
R1: 120.28 (61.8 % Retracement Level)
R2: 120.45 (Sep 14th high)
R3:120.85 (Sep 11th high)
Support Levels
S1: 119.97 (50 % Retracement Level)
S2: 119.62 (38.2 % Retracement Level)
S3:119.24 (23.6 % Retracement Level)
