NZDJPY Technical Outlook: Bearish Bias Deepens as Key Resistances Hold 
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USD/JPY has broken support level at 120.77 and is set to test next support level at 120.30, the support level at 120.30 set to hold the bears from falling further below and push the pair upwards, as the US dollar is stronger across the board against Japanese yen. Therefore, it is good go long whenever there is short pullback.
- Strong support can be seen at 119.80 (38.2 % Retracement Level), a break below this level will expose the pair to next support level at 119.20 levels.
- Major resistance can be seen at 120.41, a break above this level will open the door towards 120.80 levels.
Recommendation: We prefer long above 120.30, targets 121.00, 121.50, SL 119.10.
Resistance Levels
R1: 121.41 (23.6 % Retracement Level)
R2: 121.66 (Aug 31 high)
Support Levels
S1: 120.30 (50 % Retracement Level)
S2: 119.80 (38.2 % Retracement Level)
S3:119.20 (Sep 1st lows)
