• USD/JPY pair has slipped sharply to hit support level at 119.60, however after failing to break support level at 119.60 the pair is making an attempt to rebound and reach higher levels. The pair is set to reach 120.00 and 120.50 in the short term as the US dollar is set gain upper hand against Japanese yen in the back drop of tomorrows Non-farm payrolls data. Therefore, it's good to buy this pair around 119.70.
  
  
• Strong support can be seen at 119.60, a break below this level will expose the pair to next support level at 119.21 (23.6% Retracement levels).
  
  
• Major resistance can be seen at 119.90 (50 % Retracement Level)  , a break above this level will open the door towards 120.50.
  
  Recommendation: We prefer long above 119.70, targets 120.00, 120.50, SL 118.80.
  
  Resistance Levels
  
  R1: 119.90 (50 % Retracement Level) 
  
  R2: 120.21 (61.8% Retracement Level) 
  
  R3: 120.33 (Sep 30th high)
  
  Support Levels
  
  S1: 119.60 (38.2 % Retracement Level) 
  
  S2: 119.40 (Sep 15th lows)
  
  S3:119.21 (23.6 % Retracement Level)