FxWirePro: USD/JPY regains upwards momentum, eyes 114.80 levels

The USD/JPY pair slipped towards 113.14 levels after the release of US employment data, however the pair pulled back some losses after the market stabilized from the impact of the news. 

• Currently the pair is trading around 113.85 levels, a short dip towards 113.50 levels should be viewed as buying opportunities as the support level at 113.14 is set to hold the bears from falling further below and push the pair towards higher levels in the short term. 
   
• Strong support can be seen at 112.80, a break below this level will expose the pair towards next support level located at 112.00.
   
• Major resistance can be seen at 123.60, a break above this level will open the gates towards 124.00 levels.
  
  Recommendation: We prefer long above 113.50, targets 114.20, 114.80, SL 112.50
  
  Resistance Levels
  
  R1: 114.00 (38.2% Retracement Level) 
  
  R2: 114.22 (Daily high)
  
  R3:114.71 (23.6% Retracement Level)
  
  Support Levels
  
  S1: 113.40 (50% Retracement Level)
  
  S2: 113.14 (Session lows)
  
  S3: 112.80 (61.8% Retracement Level)