FxWirePro:USD/JPY finds support at 117.65, eyes 119.50 levels

The USD/JPY pair advanced towards 118.60 levels this Tuesday as recovery in oil prices started the pairs advance in the late European session, and accelerated further after strong US CB confidence data.

• Rebound in oil prices helped improve risk appetite leading investors to unwind positions in currencies seen as less risky boosting dollar against safe heaven Yen.
   
• Technically, the 4 hour chart shows technical indicators are pointing towards upside, the current price action is well above 100 DMA. The 55, 30 and 20 MA is turning upwards from the current price action, the Relative strength index is indicating  upside at 57 and also the pair is supported by a rising trend line suggesting a continued uptrend.
  
  Recommendation: Go long around 118.00, targets around 119.00/119.50, SL 117.50
  
  Support levels: S1-118.28, S2-117.65, S3-117.00 
  
  Resistance levels: R1-118.85, R2- 119.00, R3- 119.52