FxWirePro: USD/JPY approaching resistance level at 122.43, buy above 122.04

• USD/JPY approaching resistance level at 122.43, Currently the  pair is trading at 122.30.  It is set to advance further towards 122.60 and later 123.00.

• Immediate support can be seen at 122.04. A break below this level will expose the pair to next support level at 121.63.

• Major resistance can be found at 122.91 (23.6 % Retracement Level), a break above this level will open the door to 123.50 handle. The pair rebounded from 121.17 after Greece PM Tsipras, asked for his partly backing for tighter austerity reforms.

• Recommendation: We prefer long above 122.00, targets 122.60, 123.00, SL 121.30.

Resistance Levels

R1: 122.43 (38.2 % Retracement Level)

R2: 122.67

 R3: 122.91 (23.6 % Retracement Level)

Support Levels

S1:122.04                                            

S2:121.65 (61.8 % Retracement Level of 120.39 to 123.70)

S3:121.17 ( June 9^th low)