- USD/JPY has strongly rebounded after hitting support level at 117.22 and is inching to test resistance level at 118.35, the support level at 117.50 is set to limit any downside 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 117.80 levels.
- Immediate support can be seen at 117.91, a break below this level will expose the pair towards next support level located at 117.50.
- Major resistance can be seen at 118.35, a break above this level will open the gates towards 118.80 levels.Recommendation: Go long around 117.80, targets 118.35, 118.90 SL 117.50.Resistance LevelsR1: 118.35 (38.2% Retracement Level)R2: 118.87 (23.6% Retracement Level)R3: 119.28 (Jan 5th high)Support LevelsS1: 117.91 (50% Retracement Level)S2: 117.50 (61.8% Retracement Level)S3:117.22 (Jan 14 Lows)
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