• USD/JPY slumped to fresh three-week lows on Wednesday following the release of FOMC minutes 
  
  
• Dovish Fed minutes, with no clear sign of an imminent Sept hike and downbeat July US inflation figures dragged the buck lower
  
  
• Bid tone in USD/JPY intact in mid-Asian session, the pair is attempting a mild recovery  to regain 124 handle
  
  
• Overall bias bearish, cresting Tenkan and the thin Cloud well below reinforce bearish view
  
  
• USD/JPY is currently trading at 123.90, with immediate resistance located at 124.50 (Aug 19 High) levels and above which it could extend gains 124.64 (Aug 13 High) levels
  
  
• To the downside immediate support might be located at 123.82 (Today's Low) below that at 123.65 (50-DMA) levels
  
  

Resistance Levels

R1: 124.14 (Kijun Line)

R2: 124.19 (21-DMA)

R3: 124.54 (Tenkan)

Support Levels:

S1: 123.68 (Session Low Aug 19)

S2: 123.61 (50-DMA)

S3: 123.52 (Daily Low Jul 31)