FxWirePro: USD/JPY approaching support level at 123.58, buy deals are recommended above 123.50

 

• USD/JPY is retreating back from daily highs to  testing support level at 123.58 levels, the pair is set to advance further towards 123.70 and later 124.30 levels in the short term.

• Strong support can be seen at 123.41, a break below this level will expose the pair to next support level at 122.00 handle.

• Major resistance can be seen at 123.83 (23.6 % Retracement Level), a break above this level will open the door to 124.00 handle.

Recommendation: We prefer long above 123.40, targets 123.80, 124.10, SL 122.90.

Resistance Levels

R1: 123.66(38.2% Retracement Level)

R2: 123.83(23.6% Retracement Level)

R3: 124.08 (July 24^th high)

Support Levels

S1:123.58 (July 23^rd lows)             

S2:123.41 (61.8% Retracement Level)

 S3: 123.24 (July 27^th   lows)