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USD/JPY is approaching to break resistance level at 124.23. The support level at Anchor123.78 is very strong and set to hold the bears from falling further below 123.78 levels. The pair is set to rebound around 124.00 levels and is set to reach 124.50 and later 124.70 levels in the short term.
- Levels around 124.10- 124.20 should be viewed as advantage for buying opportunities, As US dollar is expected to strengthen shortly against the Japanese Yen ahead of FOMC meeting tomorrow.
- Strong support can be seen at 123.78 (Aug 12th lows), a break below this level will expose the pair to next support level at 123.50 handle.
- Major resistance can be seen at 124.49 (50 % Retracement Level), a break above this level will open the door to 124.67 (38.2 % Retracement Level).
Recommendation: We prefer long above 124.20, targets 124.60, 124.80, SL 123.40.
Resistance Levels
R1: 124.33 (61.8 % Retracement Level)
R2: 124.49 (50 % Retracement Level)
R3: 124.67 (38.2 % Retracement Level)
Support Levels
S1: Anchor124.23 (Aug 17th lows)
S2: 124.10 Anchor(Aug 14th lows)
S3:Anchor123.78 (Aug 12th lows)
