• Better than estimates inflation report released in the US last session saw the dollar rebound from 7-week lows on Friday 
  
  
• The greenback rose 0.2 percent to 119.13 yen, pulling away from a 7-week trough of 118.065 struck overnight
  
  
• USD/JPY received further boost after the Asian indices tracked solid gains in their US counterpart and extend the previous rally, lifting the overall risk-sentiment
  
  
• Japan's benchmark Nikkei rallies 1.36% while Australia's ASX is advancing 0.56% and mainland China's Shanghai Composite up 1.18%
  
  
• The pair will continue to track the broader market sentiment ahead of the crucial US prelim consumer sentiment and industrial production data 
  
  
• USD/JPY is currently trading at 119.14, with immediate resistance at 119.34/36 (5-DMA) beyond which 119.74/79 (10-DMA & hourly 200-SMA) could be tested
  
  
• Support on the downside might be located at 118.83/70 (daily lows & pivot), below which the pair could drop to 118.0 5(Oct 15 Low)
  
  
• Daily charts remain bearish, but there's scope for a retracement to this week's hourly downtrend that's by the hourly Cloud top at 119.34

Recommendation: Good to buy dips around 119.00, SL: 118.80, TP: 119.35

Resistance Levels:

R1: 119.34 (Hourly Cloud Top)

R2: 119.44 (55-Week MA)

R3: 119.80 (Daily High Oct 14)

Support Levels:

S1: 118.83/70 (daily lows & pivot)

S2: 118.05 (Oct 15 Low)

S3: 117.50 (Weekly Cloud Top)