FxWirePro: Broad USD strength supports USD/JPY higher, weakness only below 124.06

• USD broadly supported on Monday after upbeat US macro economics data on Friday further reinforced Sept rate hike expectations.
• Yen bulls take a back seat following disappointing GDP figures, GDP growth fell 0.4% in the June quarter, prelim estimate showed on Monday.
• US currency also favoured against the yen amid divergent monetary policy outlooks between both c.banks.
• USD/JPY currently trades at 124.38 slightly lower from fresh session highs printed at 124.45.
• Upside in the pair likely capped by the daily Tenkan, 200-HMA & hourly Cloud top by 124.54, while a close below 124.06 (Session Low Aug 14) would darken the near-term outlook.

Resistance Levels:

R1: 124.54 (200-HMA, Cloud Top, Tenkan)

R2: 124.63 (Daily High Aug 13)

R3: 125.28 (Daily High Aug 12)

Support Levels:

S1: 124.06 (Session Low Aug 14)

S2: 123.79 (Daily Low Aug 12)

S3: 123.52 (Daily Low Jul 31)