• USD/JPY has rebounded after hitting support level at 118.00 and is bouncing above to test resistance level at 119.17, the resistance level at 119.17 is set to hold the bulls from advancing further above and push the pair towards downwards in the short term, as the US dollar is weaker across the board against Japanese yen and other major pairs. Therefore, short orders are recommended around 119.00 levels. 
  
  
• Strong support can be seen at 117.82 (38.2 % Retracement Level), a break below this level will expose the pair towards next support level located at 117.20.
  
  
• Major resistance can be seen at 119.17, a break above this level will open the gates towards 119.80 levels.
  
  Recommendation: We prefer short below 119.00, targets 118.00, SL 119.80.
  
  Resistance Levels
  
  R1: 118.92 (61.8% Retracement Level) 
  
  R2: 119.17(Daily high)
  
  R3: 119.81 (October 14th high)
  
  Support Levels
  
  S1: 118.57 (50 % Retracement Level)
  
  S2: 117.82 (38.2 % Retracement Level)
  
  S3:117.20 (23.6 % Retracement Level)