USD/JPY faces strong support at 119.6,jump till 121.7 is possibl

USD/JPY has taken support near trend line ( trend line joining 116.07 and 118.840) and slightly recovered from that level. It is currently trading at 120.47.Overall trend is bullish as long as support 119.60 holds.

On the downside any break below 119.60 will drag the pair further down till 119.20/118.80 in short term.

The pair is facing strong resistance around 120.70 and any indicative break above will target 121.30/121.70.

It is good to buy at dips around 120.45-48 with SL around 119.80 for the TP of 121.30/121.70