FxWirePro: USD/JPY struggles to extend gains, fall to 119.60 cannot be ruled out

USD/JPY back above 120.00 levels as safe haven bids on the JPY eased after re-emergence of risk-on environment

• Buck enjoyed heavy gains as traders preferred to hold the US currency ahead of the key US employment report which is tipped to be positive
   
• The pair is however struggling to extend gains, and is hovering around 120 levels
   
• Falls to hourly cloud base at 119.60 cannot be ruled out, break below could extend to 119.20 levels
   
• USD/JPY is currently trading at 120.11, with immediate resistance at 120.91 (Hourly High Sep 1) and support at 119.61 (38.2% of 116.15-121.76)
   

Resistance Levels:

R1: 120.57 (10 DMA)

R2: 120.71 (Daily Kijun Line)

R3: 120.91 (Hourly High Sep 1)

Support Levels:

S1: 119.61 (38.2% of 116.15-121.76)

S2: 119.00 (Psychological Level) 

S3: 118.95 (50% Fibo 116.15-121.76)