FxWirePro: USD/JPY key support at 119.60, upside prevails in the short term

USD/JPY has rebounded strongly after hitting minor support level at 119.80 in the early European hours to trade  at 120.00 levels, the support level at 119.60 is 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 in the intraday trading.

• Strong support can be seen at 119.60, a break below this level will expose the pair towards next support level located at 119.00.
   
• Major resistance can be seen at 120.33, a break above this level will open the gates towards 120.50 levels.

  Recommendation: We prefer long above 119.60, targets 120.40, 120.70, SL 119.00.

  Resistance Levels
  
  R1: 120.03 (38.2 % Retracement Level) 

  R2: 120.33 (Oct 9th high)

  R3:120.45 (23.6 % Retracement Level)

  Support Levels

  S1: 119.60 (50 % Retracement Level)

  S2: 119.40 (Oct 20th lows)

  S3: 119.22(61.8 % Retracement Level)