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USD/JPY has rebounded strongly after hitting minor support level at 123.09 to trade around 123.35 levels, currently the pair is approaching to test support level at 123.37.
- The support level at 122.60 is set to hold the bears from falling further below and bring a rebound towards upside. Therefore, it is good to go long on this pair on dips.
- Strong support can be seen at 122.58, a break below this level will expose the pair towards 122.00 levels.
- Major resistance can be seen at 123.76, a break above this level will open the door to 124.50 levels.
Recommendation: We prefer long above 122.70, targets 123.50, 124.00, SL 122.00.
Resistance Levels
R1: 123.37 (Daily high)
R2: 123.76 (23.6 % Retracement Level)
R3: 124.17 (Aug 20th high)
Support Levels
S1: 122.94 (50 % Retracement Level)
S2: 122.58 (61.8 % Retracement Level)
S3: 122.22 (Nov 25th lows)
