FxWirePro: USD/JPY spike to 124.90 erased, currently trades at 124.62/65

 

• Risk-off sentiments resurfaced across the board following PBOC's latest Yuan depreciation move
  
  
• USD/JPY surged from 124.52 to 124.90, gains however were capped at 124.90 and the pair struggled to reclaim 125 handle
  
  
• Markets currently mixed on direction, China effect seems over, USD/JPY off from 124.90 to 124.56 but holding 124.62 currently
  
  
• Pair dips, but can't hold below the 10-DMA. A nice bounce ensues and daily RSI is biased up again
  
  
• Daily Tenkan at 124.48 offers solid support, breaks below could see 124.40 (Session low Aug 10th), resistance lies at 125.00, and further at 125.60 (Hourly High Jun 8)
  
  

Resistance Levels:

R1: 125.00 (Daily High Aug 7)

R2: 125.60 (Hourly High Jun 8)

R3: 125.68 (Daily High Jun 8)

Support Levels: 

S1: 124.48 (Daily Tenkan-Sen)

S2: 124.15 (Session Low Aug 10)

S3: 124.11 (Daily Low Aug 7)