FxWirePro: USD/JPY trades tight range, hovers around 120 handle

Yen weak across the board at the end of the week, taking USD/JPY to session peaks in the 120.15/20 area.

• The pair is lacking conviction, losing directional strength on a mixed outlook from the Central Banks 
   
• Upside remains capped beneath 120.36-120.72 cloud, close above the cloud top needed to buoy bulls 
   
• Tenkan & kijun lines are negative aligned, short-term bias is slightly for a bearish resumption
   
• USD/JPY is currently trading at 120.21, with immediate resistance at 120.36 (Daily High Oct 7) and support at 119.62 (Daily Low Oct 8)
   

 

Resistance Levels:
R1: 120.36 (Daily High Oct 7)

R2: 120.57 (Daily High Oct 6)

R3: 120.72 (Daily Cloud Top)

Support levels:

S1: 119.62 (Daily Low Oct 8)

S2: 119.00 (Psychological Level)

S3: 118.68 (Daily Low Oct 2)