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USD/JPY has jumped higher after breaking resistance level at 120.86 and is bouncing above to test resistance level at 121.29, the support level at 120.50 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 120.60 levels.
- Strong support can be seen at 120.86, a break below this level will expose the pair towards next support level located at 120.51.
- Major resistance can be seen at 121.29, a break above this level will open the gates towards 121.50 levels.
Recommendation: We prefer long above 120.60, targets 121.30, 121.60, SL 119.60.
Resistance Levels
R1: 121.29 (23.6% Retracement Level)
R2: 121.51 (Oct 26th high)
R3:122.00 (Aug 24th high)
Support Levels
S1: 120.86 (50 % Retracement Level)
S2: 120.51 (38.2 % Retracement Level)
S3:120.15 (61.8% Retracement Level)
