FxWirePro: USD/JPY faces strong resistance around 124.50, good to buy at dips

• RES 4: 126.88 (161.8% retracement of 124.43 and 120.45)
  
  
• RES 3 : 125.85 (jun 5^th high)
  
  
• RES 2:125
  
  
• RES 1: 124.40 (Jun 24^th high)
  
  

PRICE: 123.25 @11:05GMT 

• SUP 1 : 123.30( 200 day 4 HMA)
  
  
• SUP 2 :122.90 (Jul 14^th low)
  
  
• SUP 3: 122.40
  
  
• SUP 4: 121.98 (61.8% retracement of 120.40 and 124.44)
  
  

USD/JPY has taken support near 123.50 and recovered from that level. Overall trend is bullish as long as support 123.25 (200 day 4 HMA).

Any weakness can be seen only below 123.30 and break below will drag the pair further down till 122.90/122.40.

On the higher side minor resistance is around 124.50 and break above would extend gains till 125/125.84.

Bullish trend reversal level- 124.50

Bearish trend reversal level- 123.25

It is good to buy at dips around 123.80 with SL around 123.25 for the  TP of 124.50/125