- USD/JPY fell back sharply weighed by disappointing US nonfarm payrolls, factory orders and average hourly earnings. the pair fell back 123.70 (Jul 2nd high), and is trying to breach support level at 123.03 (61.8% retracement Level ). the US dollar is broadly weaker against JPY in the short term due to soft US data .
- Currently the pair is trading at 123.09 level, the immediate support can be seen at 123.03 (61.8% Retracement level). A break below this level will expose the pair to next support level at 122.82.
- Major resistance can be found at 123.70 (Jul 2nd high),a break above this level will exposes it to the 124.00 handle.
Recommendation: Go short below 125.00 with Targets at 124.70, 124.20 SL 123.80
Resistance Levels
R1: 123.28
R2: 123.57
R3: 123.70 (Jul 2nd high)
Support Levels
S1: 123.03 (61.8% Retracement level of 123.70 to 121.93)
S2: 122.82
S3: 122.61 (38.2% Retracement Level )
