FxWirePro: USD/JPY approaching resistance level at 120.38, buy deal are recommended around 119.80

USD/JPY is approaching to test resistance level at 124.38. The support level at 119.65 is very strong for the bears to breaks, and is  set to hold the bears from falling further below pair is set to continue its bullish momentum in the medium term. Therefore, it is advised long orders whenever there is short pullback.

Levels around 120.00-119.80 should be viewed as advantage for buying opportunities, As US dollar is expected to strengthen shortly against the Japanese Yen.

Strong support can be seen at 119.65 (38.2 % Retracement Level), a break below this level will expose the pair to next support level at 119.16 levels .

Major resistance can be seen at 120.38, a break above this level will open the door to 120.80 levels.

Recommendation: We prefer long above 119.80, targets 120.50, 120.80, SL 119.10.

Resistance Levels

R1: 120.38 (50 % Retracement Level)

R2: 120.69 (Sep 3rd high)

R3:120.80(61.8 % Retracement Level)

Support Levels

S1: 120.00 (50 % Retracement Level)

S2: 119.65 (38.2 % Retracement Level)

S3:119.16 (23.6 % Retracement Level)