- 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)
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)
