FxWirePro: USD/JPY approaching support level at 124.85, upside prevails in the short term

 

 

• USD/JPY is approaching to test support level at 124.85, the pair is set to advance further towards 125.30 and later 125.50 levels in the short term.

• Short rally around 124.60- 124.70 should be taken as advantage for buying opportunities, As JPY is weaker against the US dollar in the short term.

• Strong support can be seen at 124.55 (61.8 % Retracement Level), a break below this level will expose the pair to next support level at 124.00 handle.

• Major resistance can be seen at 124.97(Aug 11^th high), a break above this level will open the door to 125.50 handle.

Recommendation: We prefer long above 124.70, targets 125.10, 125.50, SL 123.90.

 

Resistance Levels

R1: 124.97(Aug 11^th high)

R2: 125.06 (23.6 % Retracement Level)

R3: 125.35

Support Levels

S1: 124.85 (Aug 6^th lows)

S2: 124.70 (Aug 11^th lows)

 S3:124.55 (61.8 % Retracement Level of 124.6 to 125.35)