FxWirePro: USD/JPY approaching support level at 123.70, buy deals are recommended above 123.50

• USD/JPY is consolidating in the range of 123.78 levels, the pair is set to advance further towards 124.00 and later 124.50 levels. Japanese Yen is weaker against US Dollar, Dollar is all set to gain further against Yen in the short term.

• Immediate support can be seen at 123.70, a break below this level will expose the pair to next support level at 123.50 (61.8 % Retracement Level).

• Major resistance can be seen at 123.90, a break above this level will open the door to 124.50 handle.

Recommendation: We prefer long above 123.50, targets 124.00, 124.50, SL 122.40.

Resistance Levels

R1: 123.90 (38.2 % Retracement Level)

R2: 124.12 (23.6 % Retracement Level)

 R3: 124.45 (June 21 high)

Support Levels

S1:123.70 (July 23^rd lows)                                             

S2:123.51 (61.8 % Retracement Level of 122.90 to 124.50)

S3:123.28