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FxWirePro: USD/JPY trades in narrow range between 123.77-125.30, good to buy at dips

  • USD/JPY has consolidated between 124.60 -124.05 yesterday retreated till 123.77. It  is currently trading at 124.44. Overall trend is bullish as long as support 123.50 holds.

  • Bullish invalidation only below 123.50. Any break below 123.50 will drag the pair further down till 123/122.40.

  • The minor supports are 124/123.50.

  • The pair's minor resistance is around 124.60 and any break above would extend gains till 125.30/125.85.

It is good to buy at dips around 124.20 with SL around 123.50 for the TP of 125.85

 

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