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USD/JPY has slipped back towards 122.71 levels, after failing to hold above 123.00 levels, after a brief bullish surge towards 123.73 yesterday.
- The pair may extend its weakness up to 122.00 (61.8% Fib retracement level) and consolidate well above this this area and move further upside, as this area has been a strong recovery zone for the pair of late. Therefore, it's good to entry long order around 122.00 levels.
- Strong support can be seen at 122.60, a break below this level will expose the pair to next support level at 120.00 levels.
- Major resistance can be seen at 123.00, a break above this level will open the door to 123.65 levels.
Recommendation: We prefer long around 122.40, targets 122.60, 123.40, SL 122.00.
Resistance Levels
R1: 123.00 (Psychological Level)
R2: 123.25 (38.2 % Retracement Level)
R3:123.65 (Nov 9thhigh)
Support Levels
S1: 122.60 (50 % Retracement Level)
S2: 122.21 (Nov 16th lows)
S3: 120.00 (61.8 % Retracement Level)
