- USD/JPY has bounced back from 118.14 levels after failing to break support level at 118.14, currently the pair is trading at 119.80. The pair is set to decline further towards 119.50 and later towards 119.00 levels, overall Japanese Yen is stronger against US dollar.
- To the upside, the strong resistance can be seen at 120.38 (Aug 25th high), a break above this level would take it to upside to next resistance level at 121.26 (Aug 24th high) handle.
- To the downside immediate support can be seen at 118.73 (61.8% Retracement level), a break below this level will take the pair to next support level at 118.21 (50 % Retracement Level).
Recommendation: We prefer short below 120.00, targets 119.50, 119.00, SL 120.70.
Resistance Levels
R1: 119.89 (Aug 26th high)
R2: 120.38 (Aug 25th high)
R3: 121.26 (Aug 24th high)
Support Levels
S1: 118.73 (61.8 % Retracement Level of 120.40 and 116.13)
S2: 118.21 (50 % Retracement Level)
S3: 117.76 (38.2 % Retracement Level)
The material has been provided by InstaForex Company – www.instaforex.com