- USD/JPY is approaching to test resistance level at 124.19, the pair is set to advance further towards 124.30 and later 124.70 levels in the short term.
- Strong support can be seen at 123.58 (61.8 % Retracement Level), a break below this level will expose the pair to next support level at 123.00 levels.
- Major resistance can be seen at 124.19 (23.6 % Retracement Level), a break above this level will open the door to 124.50 handle.
Recommendation: We prefer long above 123.70, targets 124.10, 124.60, SL 122.50.
R1: 124.10 (Aug 4th high)
R2: 124.19 (23.6 % Retracement Level)
R3: 124.25 (Aug 3rd high)
S1: 123.96 (38.2% Retracement Level)
S2:123.58 (61.8 % Retracement Level of 123.00 to 124.55)
The material has been provided by InstaForex Company – www.instaforex.com