FxWirePro: USD/JPY approaching resistance at 124.09, buy deals are recommended above 123.80

• USD/JPY is trying to break 124.09 (38.2.% Retracement level) and bounce above to reach the next Resistance level  at 124.43.

• Later in the day, the US Q1 GDP (Gross Domestic Product) and GDP Price Index (QoQ) is set to released at 08:30 (GMT). Therefore medium volatility is expected in the market.

• The currency is trading at 124.90, the immediate support can be seen at 123.76. A break below this level will expose the pair to next support level at 123.29.

• Major resistance can be found at 124.09 (38.2.% Retracement Level), a break above this level will open the door to 124.43 handle.

Recommendation: We prefer long above 123.50, targets 124.30, 124.60, SL 122.40.

Resistance Levels

R1: 124.09 (38.2.% Retracement Level)  

R2: 124.43(23.6% Retracement Level)

R3: 124.72

Support Levels

S1:123.76                                                            

S2:123.46(61.8% Retracement Level of 122.48 to 125.04)

S3:123.29