FxWirePro
Long

USD/JPY facing resistance around 120.35, market eyes NFP data fo

FX:USDJPY   U.S. Dollar / Japanese Yen
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RES 4: 122.01 (Mar 10th high)

RES 3: 121.18( Mar 20th high)

RES 2: 120.38 (Mar 31st high)

RES 1: 119.91 (200 day 4HMA)

PRICE: 119.52 @ 5:40 GMT
SUP 1: 119.40 ( Apr 1st low)

SUP 2: 119.09 ( 61.8% retracement of 118.32 and 120.35)

SUP 3: 118.30 (Mar 26th low)

SUP 4: 116.85 ( Feb 3rd 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.




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