• USD/JPY testing lows by 123.50 in the mid-Asian trading session
  
  
• Friday's lack lustre home sales data from the US weighing on USD, dragging USD/JPY lower
  
  
• Currently USD/JPY is trading at 123.49 after hitting fresh weekly lows of 123.43
  
  
• Hourly price action dips into cloud, daily lows can offer good buying oppurtunities
  
  
• Markets focus on the key US durable goods data today which may set the tone for Wednesday's FOMC statement
  
  

Resistance Levels:

R1: 124.19 (Daily High Jul 23)

R2: 124.48 (Daily High Jul 21)

R3: 124.57 (76.4% Fibo 125.86-120.41)

Support Levels:

S1: 123.60 (Daily Low Jul 24)

S2: 123.57 (Daily Low Jul 22)

S3: 123.52 (23.6% Fibo 120.41-124.48)