USDJPY is following a upward channel. It got back bullish power again. It resumed bullish rally again. It tested 38.2% fibo at 115.50 area. So our recommendation for this pair is to stay with bullish bias.
For buy entry, it is better to wait for take entry from retracement. Buy zone lies on 117.50 area. Fibo 23.6% at 118 area can be good buying zone for this pair. Target will be 120 and then 121 area.
Weekly Pivot, Support and Resistance
Resistance Two (R2): 122.28
Resistance One (R1): 120.88
Pivot Point: 118.22
Support One (S1): 116.82
Support Two (S2): 114.16
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