USD/JPY facing resistance around 120.35, market eyes NFP data for further direction

•  RES 4: 122.01 (Mar 10^th high)
  
  
•  RES 3: 121.18( Mar 20^th high)
  
  
•  RES 2: 120.38 (Mar 31^st high)
  
  
•  RES 1: 119.91 (200 day 4HMA)    
  
   PRICE: 120.16 @ 5:23 GMT 
  
  
• SUP 1: 119.40 (Apr 1^st low)
  
  
• SUP 2: 119.09 (61.8% retracement of 118.32 and 120.35)
  
  
• SUP 3: 118.30 (Mar 26^th low)
  
  
•  SUP 4: 116.85 ( Feb 3^rd Low)

COMMENTARY:

USD/JPY retreated after making a high of 120.35. Overall trend is still neutral but short-term weakness can be seen only below 118.30 level.

US NFP data which is to be released on Friday will have major impact of USD/JPY further direction. Employment data is expected to add 247000 jobs compared to forecast of 295000.

On the upside minor resistance is around 120.38 and any break above would extend gains till 121.20/122.

It is good to buy around 119 for the target of 122 with stop around 118.30.