FxWirePro: USD/JPY key resistance at 124.49, sell deals are recommended around 124.20

 

• USD/JPY is approaching to break support level at 123.94. The US dollar has weakened against Japanese yen, after yesterday's Feds dovish minutes.  The pair is set to decline  towards  123.70 levels and later towards 123.50 levels in the short term.

• Pullback around 124.10should be viewed  as advantage for selling  opportunities. Currently the pair is trading at 123.95 levels.

• Strong support can be seen at 123.77 (23.6 % Retracement Level), a break below this level will expose the pair to next support level at 123.50 handle.

• Major resistance can be seen at 124.20 (61.8 % Retracement Level), a break above this level will open the door to 124.67 (Aug 19^th high).

Recommendation: We prefer short below 124.10, targets 123.80, 123.55, SL 124.70.

Resistance Levels

R1: 124.06 (50 % Retracement Level)

R2: 124.20 (61.8 % Retracement Level)

R3: 124.67 (Aug 19^th high)

Support Levels

S1: 123.94 (38.2 % Retracement Level)

S2: 123.77 (23.6 % Retracement Level)

S3:123.51 (July 31^st lows)