- USD bulls remained broadly supported by increased expectations for a US rate hike before the year end
- Federal Reserve Official Bullard on Monday stated that he is expecting rate-hike in Sept FOMC
- USD/JPY hit fresh 6-week highs near 124.50 after brief consolidation in Asia post holiday trading, markets shrugged off BOJ rhetoric
- The pair has entered major resistance zone at 124.38-73, cluster of rebound highs in June
- USD/JPY is currently trading at 124.40, breaks beyond 124.73 could take the pair to 125.85 (June 5th highs)
R1: 124.57 (76.4% Fibo 125.86-120.41)
R2: 124.63 (Daily High Jun 10)
R3: 124.74 (Daily High Jun 9)
Support Levels:
S1: 124.00 (Jul 20 low)
S2: 123.92 (Daily Low Jul 17)
S3: 123.74 (Daily Low Jul 16)


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