FxWirePro: USD/JPY key support at 122.80, bullish in the short term

The USD/JPY pair has surged towards higher levels after nonfarm payrolls printed better than expected figures,. Currently the pair is trading around 123.25 levels, a short dip towards 122.80 levels should be viewed as buying opportunities as the support level at 122.80 is set to hold the bears from falling further below and push the pair towards higher levels in the short term. 

• Strong support can be seen at 122.80, a break below this level will expose the pair towards next support level located at 121.65.
• Major resistance can be seen at 123.60, a break above this level will open the gates towards 124.00 levels.

Recommendation: We prefer long above 122.60, targets 123.50, 124.00, SL 122.50.

Resistance Levels

R1: 123.38 (23.6% Retracement Level)

R2: 123.57 (Nov 3rd high)

R3: 123.57 (Nov 18th high)

Support Levels

S1: 122.97 (50% Retracement Level)

S2: 122.80 (61.8% Retracement Level)

S3: 121.65 (Dec 1st lows)