FxWirePro: USD/JPY key support at 119.75, bullish in the short term

USD/JPY pair has slipped sharply to hit support level at 119.75, however after failing to break support level at 119.75­­­­­­ the pair is making an attempt to rebound and reach higher levels. The pair is set to advance further towards 120.00 and 120.50 in the short term, as the US dollar is set gain upper hand against Japanese yen in the coming sessions. Therefore, it's good to buy this pair around 119.80.

• Strong support can be seen at  119.75, a break below this level will expose the pair to next support level at 119.37 (Sep 29th lows).
   
• Major resistance can be seen at 120.59 (38.2 % Retracement Level), a break above this level will open the door towards 121.00.
  
  Recommendation: We prefer long above 119.80, targets 120.50, 120.80, SL 119.00.
  
  Resistance Levels
  
  R1: 120.14 (50 % Retracement Level)
  
  R2: 120.35 (Sep 30th high)
  
  R3: 120.59 (38.2 % Retracement Level)
  
  Support Levels
  
  S1: 119.75 (38.2 % Retracement Level)
  
  S2: 119.37 (Sep 29th lows)
  
  S3:118.94 (Oct 2nd lows)