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FxWirePro: USD/JPY fails to breach 123.00, remains supported above

  • USD/JPY bounced off lows and is now pushing higher towards session highs by 123.52 

  • Safe-haven yen saw little support as markets largely ignored massive sell-off seen in Chinese equities on Tuesday

  • FOMC statement, scheduled to be released on Wednesday will be the main focus ahead, a firmer tone from the Fed to confirm possibility of a Sept rate hike 

  • USD/JPY is currently trading at 123.52, with next resistance at 123.82 (July 27 High), above which it could extend gains to 124.19 (Daily Highs Jul 23/24)

  • To the downside immediate support might be located at 123.01 (July 27 Low) below that at 122.93 (38.2% Fibo 120.41-124.48)

Resistance Levels:

R1: 124.19 (Daily Highs Jul 23/24)

R2: 124.48 (Daily High Jul 21)

R3: 124.57 (76.4% Fibo 125.86-120.41)

Support levels:

S1: 122.93 (38.2% Fibo 120.41-124.48)

S2: 122.92 (Daily Low Jul 14)

S3: 122.55 (Hourly Low Jul 13)

  • Market Data
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