- Fed Chair Yellen's hawkish comments and the recent upbeat US macro data buoyed USD/JPY to fresh three-week peak of 124.23 today
- The pair however erased early gains from 124.09 to 124.23 and now trades back down at 124.00
- The major is correcting from heavy gains seen over the past one week, and is hovering around the 124 handle
- Trading in Asia is likely to be subdued with many centres closed for public holidays and amid an absence of market-moving data
- US CPI and consumer sentiment data during the American session likely to influence further moves in USD/JPY
R3: 124.57 (76.4% Fibo 125.86-120.41)
R2: 124.46 (Daily High Jun 18)
R1: 124.38 (Daily High Jun 24)
Support Levels:
S1: 123.74 (Daily Low Jul 16)
S2: 123.41 (Hourly Low Jul 15)
S3: 123.27 (Ichimoku Cloud Top)
