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

• USD/JPY is approaching to test resistance level at 125.14, the pair is set to advance further towards 125.40 and later 125.60 levels in the short term.

• Strong support can be seen at 124.72 (38.2 % Retracement Level), a break below this level will expose the pair to next support level at 124.38 (July 21^st high).

• Major resistance can be seen at 125.14 (23.6 % Retracement Level), a break above this level will open the door to 125.50 handle.

Recommendation: We prefer long above 124.80, targets 125.40, 125.60, SL 124.10.

Resistance Levels

R1: 125.14 (23.6 % Retracement Level)

R2: 125.64(June 8^th high)

R3: 125.81 (June 5th high)

Support Levels

S1: 124.72 (38.2 % Retracement Level)

S2:124.38 (July 21^st high)

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