• USD/JPY has rebounded after hitting support level at 120.30 and is bouncing above to test resistance level at 120.63, the support level at 120.30 set to hold the bears from falling further below and push the pair towards higher levels in the short term, as the US dollar is stronger across the board against Japanese yen. Therefore, long orders are recommended around 120.30 levels. 
  • Immediate support can be seen at 120.23, a break below this level will expose the pair towards next support level located at 120.00.
  • Major resistance can be seen at 120.63, a break above this level will open the gates towards 121 levels.Recommendation: Go long around 120.30, targets 120.80, 121.30, SL 119.50.Resistance LevelsR1: 120.63 (Daily high)R2: 120.85 (23.6% Retracement Level)R3: 121.00 (Psychological level)Support LevelsS1: 120.33 (Dec 30th lows)S2: 120.00 (Psychological levels)S3:119.73 (61.8% Retracement Level)

The material has been provided by InstaForex Company – www.instaforex.com