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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)
