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

 

 

• USD/JPY is approaching to test minor resistance level at 124.26. The pair rebounded after testing 124.08 support level in the earlier sessions, the support level at 124.08 is set to hold the bears and advance further to reach higher levels.

• 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)