FxWirePro: USD/JPY approaching support level at 119.67, sell deals are recommended around 120.00

USD/JPY under strong bearish pressure as dollar is broadly sold off across board and Japanese yen has turned into safe heaven once again, as negative Chinese economic data, global risk sentiment, falling commodities price have made investors to look for safe heaven

• The pair is set to decline towards 119.50 levels and later towards 119.30 levels in the short term. Pullback around 120.00 should be viewed as advantage for selling opportunities.

• Currently the pair is trading at 119.67 levels. Strong support can be seen 119.67 (38.2 % Retracement Level), a break below this level will expose the pair to next support level at 119.38 (23.6 % Retracement Level).

• Major resistance can be seen at 120.14 (50 % Retracement Level) , a break above this level will open the door to 120.54 (61.8 % Retracement Level).

Recommendation: We prefer short below 120.00, targets 119.50, 119.20, SL 122.70.

Resistance Levels

R1: 120.14 (50 % Retracement Level)

R2: 120.54 (61.8 % Retracement Level)

R3: 121.17 (March 20th high)

Support Levels

S1: 119.67 (38.2 % Retracement Level)

S2: 119.38 (23.6 % Retracement Level)

S3: 123.51 (April 3rd lows)