FxWirePro: USD/JPY approaching to test resistance level at 124.19, upside prevails in the short term

• USD/JPY is approaching to test resistance level at 124.19, the pair is set to advance further towards 124.30 and later 124.70 levels in the short term.

• Strong support can be seen at 123.58 (61.8 % Retracement Level), a break below this level will expose the pair to next support level at 123.00 levels.

• Major resistance can be seen at 124.19 (23.6 % Retracement Level), a break above this level will open the door to 124.50 handle.

Recommendation: We prefer long above 123.70, targets 124.10, 124.60, SL 122.50.

Resistance Levels

R1: 124.10 (Aug 4^th high)

R2: 124.19 (23.6 % Retracement Level)

R3: 124.25 (Aug 3^rd high)

Support Levels

S1: 123.96 (38.2% Retracement Level)                   

S2:123.58 (61.8 % Retracement Level of 123.00 to 124.55)

 S3: 123.50 (July 31^st lows)