FxWirePro: USD/JPY key support at 120.50, bullish in the short term

>USD/JPY has slipped lower towards 120.50 levels after failing to break resistance level located at 121.42 in the mid European session. However, the pair has managed to rebound after testing minor support level located at 120.50. The resistance level at 120.50 is set to act as strong barrier to bulls and initiate a further bullish momentum to pair. Therefore, it's good to long on this pair in the short term.

>Immediate support can be seen at 120.50, a break below this level will expose the pair towards next support level located at 119.81.

>Major resistance can be seen at 121.24 (Sep 25th high), a break above this level will open the gates towards 121.95 (50 % Retracement Level).

Recommendation: We prefer long above 120.60, targets 121.30, 121.70, SL 119.10.

Resistance Levels

R1: 120.89 (50 % Retracement Level) 

R2: 121.24 (Sep 25th high)

R3: 121.95 (50 % Retracement Level)

Support Levels

S1: 119.81 (38.2% Retracement Level) 

S2: 119.20 (Sep 24th lows)

S3: 118.52 (Sep 24th lows)