FxWirePro: USD/JPY testing support level at 123.00, buy deals are recommended above 122.70

 

• USD/JPY is testing support level at 123.00 levels, the pair is set to advance further towards 123.30 and later 123.70 levels in the short term.

• Strong support can be seen at 122.90, a break below this level will expose the pair to next support level at 122.66.

• Major resistance can be seen at 123.50 (61.8 % Retracement Level), a break above this level will open the door to 124.00 handle.

Recommendation: We prefer long above 122.70, targets 123.30, 123.70, SL 122.00.

Resistance Levels

R1: 123.50 (61.8 % Retracement Level)

R2: 123.73 (38.2% Retracement Level)

R3: 124.11 (23.6 % Retracement Level)

Support Levels

S1:123.01 (July 27^th lows)                                             

S2:122.90 (July 14^th lows)

 S3: 122.66 (July 10^th lows)