USD/JPY: target at 120.50
• USD/JPY reversed from support zone near 118.50
• Next buy target - 120.50
USD/JPY recently reversed up from the combined support zone lying between the following support levels: support level 118.50 (former resistance level which reversed the price multiple times in the second half of January), the former resistance trendline of the recently broken daily Triangle from December (acting as support now after it was broken earlier) and the 38.2% Fibonacci Correction of the previous upward impulse from the strong support level 116.00 (which reversed the pair with the daily Bullish Engulfing in January and in last December, as you can see below).
USD/JPY is expected to continue to rise in the coming trading sessions toward the next buy target 120.50 (which reversed the price strongly on the 12th of February).