>USD/JPY has slipped sharply to hit hitting session low at 119.25 and is approaching to test resistance level located at 119.54. The support level at 119.05 is likely to act as strong barrier to the bears and bring a rebound back towards 119.60 and later 120.00 levels, as the US dollar is set gain upper hand against Japanese yen in the back drop of today's FOMC meeting. Therefore, it's good to buy this pair at dips.
>Strong support can be seen at 119.05, a break below this level will expose the pair to next support level at 118.80 (Sep 8th lows).
>Major resistance can be seen at 119.54 (38.2 % Retracement Level) , a break above this level will open the door towards 119.95 (50% Retracement Level).
Recommendation: We prefer long above 119.00, targets 119.60, 120.00, SL 118.80.
Resistance Levels
R1: 119.54 (38.2 % Retracement Level)
R2: 119.95 (50% Retracement Level)
R3: 120.33 (61.8% Retracement Level)
Support Levels
S1: 119.25 (Sep 24th lows)
S2: 119.05 (23.6 % Retracement Level)
S3:118.80 (Sep 8th lows)
