USD/JPY breaks above daily Tenkan at 123, close above will add to the upside potential

USD/JPY was largely range-bound on the day 122.69/95 range till now, daily Tenkan at 123 was capping gains in the pair

• The pair has now managed to break above 123 levels and is currently trading at session highs by 123.10
   
• Failure to manage a daily close below 122.43 - 23.6% of the 118.07 to 123.77 rise -is bullish sign, however traders remain cautious ahead of macro updates from China due tomorrow
   
• Next immediate resistance is seen at 123.25 (Daily High Nov 23) ahead of 123.43 (Nov 10 high), while support is located at 122.54 (multiple session lows) and further below at 122.30 (double bottom Nov 24,27)

We would go long on dips around 122.60, SL: 122.20, TP: 123.75

Resistance Levels:

123.25 (Daily High Nov 23) 

123.43 (Nov 10 high)

123.75 (Nov 18 high)

Support Levels: 

122.26 (Daily Low Nov 25)

122.23 (Daily Low Nov 16)

122.00 (Psychological Level)