FxWirePro: USD/JPY approaching support level at 119.38, buy deal are recommended around 119.50

• USD/JPY is approaching to test resistance level at 119.50. The support level at 119.50 is likely to act as strong barrier for the bears to breaks, and bring a rebound towards 120.20 and later 120.60 levels pair is set to continue its bullish momentum in the short term, as the US dollar has gained upper hand against Japanese yen. Therefore, it is advised to go long whenever there is short pullback in this pair.

• Levels around 119.40 should be viewed as advantage for buying opportunities, As US dollar is stronger against the Japanese Yen.

• Strong support can be seen at 118.90, a break below this level will expose the pair to next support level at 119.55levels.

• Major resistance can be seen at 120.33, a break above this level will open the door to 120.70 levels.

Recommendation: We prefer long above 119.50, targets 120.00, 120.40, SL 119.10.

Resistance Levels

R1: 120.33 (23.6 % Retracement Level)

R2: 120.70(Sep 3^rd high)

R3:121.65(August 31^st high)

Support Levels

S1: 119.50 (38.2 % Retracement Level)

S2: 118.90 (50 % Retracement Level)

S3:119.55 (Sep 4^th lows)