FxWirePro: USD/JPY key support at 118.85, bullish in the short term

USD/JPY has slipped lower towards 119.10 level after failing to break minor resistance level located at 119.65. in the mid European session. However, the pair has managed to rebound from 119.10 level to trade at 119.46 level. The support level at 118.85 is set to act as strong barrier to bears and initiate a further upward momentum. Therefore, it's good to long around 118.85.

• Immediate support can be seen at 119.40, a break below this level will expose the pair towards next support level located at 118.85.
   
• Immediate resistance can be seen at 119.81 a break above this level will open the gates towards 120.24 levels.
  
  Recommendation: We prefer long above 118.80, targets 119.70, 120.00, SL 118.10.
  
  Resistance Levels
  
  R1: 119.81 (50 % Retracement Level) 
  
  R2: 120.24 (61.8% Retracement Level)
  
  R3: 120.56 (Oct 6th High)
  
  Support Levels
  
  S1: 119.40 (38.2% Retracement Level) 
  
  S2: 118.85 (23.6 % Retracement Level)
  
  S3: 118.00 (Oct 15th lows)