FxWirePro: USD/JPY key resistance at 124.72, upside prevails in the short term

 

• USD/JPY is approaching to test support level at 124.50 (Aug 6^th lows), the pair is set to advance further towards 125.00 and later 125.50 levels in the short term.

• Strong support can be seen at 124.38, a break below this level will expose the pair to next support level at 124.04 (61.8 % Retracement Level).

• Major resistance can be seen at 124.72 (38.2 % Retracement Level), a break above this level will open the door to 125.00 handle.

Recommendation: We prefer long above 124.50, targets 124.90, 125.20, SL 124.10.

Resistance Levels

R1: 124.72 (38.2 % Retracement Level)

R2: 125.14 (23.6 % Retracement Level)

R3: 125.64(June 8^th high)

Support Levels

S1: 124.50 (Aug 6^th lows)

S2: 124.38 (July 21^st high)

 S3:124.04 (61.8 % Retracement Level of 122.95 to 125.81)