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FxWirePro: USD/JPY key support at 124.08, buy deals are recommended above 124.10

 

 

  • Strong support can be seen at 124.08, a break below this level will expose the pair to next support level at 123.91 handle.
  • Major resistance can be seen at 124.44, a break above this level will open the door to 125.00 handle.

 

Recommendation: We prefer long above 124.10, targets 124.50, 124.80, SL 123.40.

Resistance Levels

R1: 124.26 (Aug 3rd high) 

R2: 124.44 (38.2% Retracement Level

R3: 124.57(July 30th high)

Support Levels

S1:124.08 (61.8% Retracement Level)

S2:123.91 (Aug 3rd lows)

S3: 123.65(July 23rd lows)

 

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