FxWirePro: USD/JPY retreats from session top at 118.93, further upside only on breaks above 119

Improving risk-appetite saw USD/JPY gain momentum, the pair tested 118.93 high before it found fresh offers.

• Doji formation seen in the Asian session, bulls unable to take the pair higher, Stochs have approached overbought zone, so caution advised.
   
• Further upside can be seen only on breaks above 119, 120.50 next likely target for bulls.
   
• On the otherside, close below 5-DMA at 118.55 could see drop till 117.55.

 

Resistance Levels:
R1: 118.93 (Session highs)

R2: 118.95 (38.2% Fib of 123.76 to 115.97 fall)

R3: 119.17 (Jan 6th highs)

Support Levels:

S1: 118.55 (5-DMA)

S2: 118.04 (Jan 27th lows)

S3: 117.92 (10-DMA)