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Further upside in USD/JPY only on break above 119

FX:USDJPY   U.S. Dollar/Japanese Yen
133 0 1
Improving risk-appetite saw USD/JPY             gain momentum, the pair tested 118.93 high before it found fresh offers.

Doji formation seen in the Asian session, bulls unable to take the pair higher.

RSI is at 47 and has room to run, but Stochs have approached overbought zone, so caution advised.

Further upside can be seen only on breaks above 119, 120.50 next likely target for bulls.

On the other side, close below 5-DMA at 118.55 could see drop till 117.55.

Resistance Levels:

R1: 118.93 (Session highs)

R2: 118.95 (38.2% Fib of 123.76 to 115.97 fall)

R3: 119.17 (Jan 6th highs)

Support Levels:

S1: 118.55 (5-DMA)

S2: 118.04 (Jan 27th lows)

S3: 117.92 (10-DMA)
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