FxWirePro: USD/JPY key support at 119.80, buy deal are recommended around 120.30

• USD/JPY has rebounded after hitting support level at 120.30 and is bouncing above to test resistance level at 120.77, the support level at 120.30 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. Therefore, long orders are recommended around 120.30 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 120.30, targets 121.00, 121.50, SL 119.10.

Resistance Levels

R1: 120.77 (38.2% Retracement Level)

R2: 121.38(23.6% Retracement Level)

R3:122.40 

Support Levels

S1: 120.30 (50 % Retracement Level)

S2: 119.80 (38.2 % Retracement Level)

S3:119.20 (Sep 1st lows)