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USD/JPY pair has made a short pullback to hit daily lows at 120.25 in the early US session, after sellers stepped in this pair. However, the decline should be limited around 119.80 as the support level at 119.60 levels is set to hold the bears from falling further, and bring a rebound towards higher levels, therefore it's good to buy this pair above 119.80 levels.
- Strong support can be seen at 119.60 (61.8 % Retracement Level), a break below this level will expose the pair all the way towards 119.00.
- Major resistance can be seen at 121.10, a break above this level will open the door towards 122.00 levels.
Recommendation: We prefer long above 119.80, targets 120.50, 121.00, SL 119.10.
Resistance Levels
R1: 120.52 (38.2 % Retracement Level)
R2: 120.80 (Oct 27thth high)
R3: 121.10(23.6% Retracement Level)
Support Levels
S1: 120.00 (50 % Retracement Level)
S2: 119.80 (Oct 21st lows)
S3:119.60 (61.8 % Retracement Level)
