FxWirePro: USD/JPY approaching resistance level at 123.24, consolidation in place

• USD/JPY approaching resistance level at 123.24 (50% Retracement level) and is set to advance further to test next support level at 123.47 (38.2.% Retracement Level).

• The currency is trading at 123.17, immediate support can be seen at 122.90 (61.8% Retracement Level). A break below this level will expose the pair to next support level at 122.53.

• Major resistance can be found at 123.47 (38.2.% Retracement Level) a break above this level will will open the door to 124.00 handle.

Recommendation: We prefer long above 123.00, targets 123.50, 123.90, SL 122.50.

Resistance Levels

R1: 123.18 (50% Retracement Level)       

R2: 123.47 (38.2% Retracement Level)

R3: 123.83(23.6% Retracement Level)

Support Levels

S1:122.90 (61.8% Retracement Level)                                                    

S2:122.53

S3:122.19