FxWirePro: USD/JPY key support at 120.48, upside prevails

USD/JPY has rebounded strongly after hitting support level at 120.48 in the early European hours to trade at 120.56 levels during US market opening, the support level at 120.48 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 120.48, a break below this level will expose the pair towards next support level located at 120.00.
• Major resistance can be seen at 121.03, a break above this level will open the gates towards 121.66 levels.

Recommendation: We prefer long above 120.48, targets 121.00, 121.50, SL 119.80.

Resistance Levels

R1: 121.03 (38.2 % Retracement Level) 
R2: 121.66 (Aug 28th high)
R3:121.98 (Aug 24th high)

Support Levels

S1: 120.48 (38.2 % Retracement Level) 
S2: 120.00 (50 % Retracement Level)
S3: 119.53 (61.8 % Retracement Level)