• USD/JPY has rebounded strongly after hitting minor support level at 119.65 yesterday and is bouncing to test resistance level at 120.27, the support level at 119.65 set to hold the bears from falling further below and push the pair towards higher levels in the short term, as the US dollar is stronger across the board against Japanese yen ahead of U,S payrolls data. Therefore, long orders are recommended around 119.70 levels.
• Strong support can be seen at 119.80 (38.2 % Retracement Level), a break below this level will expose the pair towards next support level located at 119.20.
  
  
• Major resistance can be seen at 120.41, a break above this level will open the gates towards 120.80 levels.
  
  Recommendation: We prefer long above 119.70, targets 121.50, 121.80, SL 118.30.
  
  Resistance Levels
  
  R1: 120.27 (Oct 1st high) 
  
  R2: 120.45 (61.8% Retracement Level)
  
  R3:120.61 (Sep 21st high)
  
  Support Levels
  
  S1: 120.10 (50 % Retracement Level)
  
  S2: 119.73 (38.2 % Retracement Level)
  
  S3: 119.50 (Oct 1st lows)