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

Friday, July 10, 2015 12:50 PM UTC

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)

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

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