FxWirePro: USD/JPY key resistance level at 120.30, sell deal are recommended around 120.10

USD/JPY slipped downwards sharply after it failed to close above resistance level at 121.32. The resistance level at 120.59 is set to act as strong barrier to bulls, dampening further bullish momentum in the short term. The pair is expected decline further towards 119.70 and 119.40. Therefore, sell deals are recommended in this pair for the short term.

• Levels around 120.10 should be taken as advantage for selling opportunities, As US dollar is expected to decline shortly against the Japanese Yen.

• Strong support can be seen at 119.52, a break below this level will expose the pair to next support level at 119.05 levels.

• Major resistance can be seen at 121.68, a break above this level will open the door to 122 levels.

Recommendation: We prefer short  below 120.30, targets 119.70, 119.40, SL 121.10.

Resistance Levels

R1: 120.30 (61.8% Retracement Level)

R2: 121.30 (Aug 31st high)

R3:121.68 (Aug 28th high)

Support Levels

S1: 119.92 (50 % Retracement Level)

S2: 119.52 (38.2 % Retracement Level)

S3:119.05 (23.6 % Retracement Level)