Fxwirepro: Usd/jpy Faces Strong Support Around 119.60, Good to Buy at Dips

• RES 4: 121.75 (28^th aug high)
• RES 3:121.30 ( SEP 10^TH HIGH)
• RES 2: 120.56 (Oct 6^th 2015)
• RES 1: 120.20 (200 day 4 H EMA)

PRICE: 120.27 @11:06  GMT 

• SUP 1: 119.50 (38.2% retracement of 116.07 and 121.72)
• SUP 2: 119.20 (Sep 24^th 2015)
• SUP 3: 118.80 (Aug 9^th low)
• SUP 4: 118.50 (Sep 4^th 2015)

USD/JPY is trading in narrow range between 120.60 and 119.60. Any break below 119.60 confirms short term weakness, decline till 119.20/118.60 is possible.

Overall bearishness can be seen only below 118.60.

On the higher side minor resistance is around 120.60 and break above would extend gains till 121.20. Major resistance is around 121.30.

It is good to buy at dips around 119.60 with SL around 119.20 for the TP of 120.60/121.20.

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