USD/JPY slips sharply from session highs, has strong support at 122.30, good to buy dips around 122.70
Risk-on rally in the Asian equities on the back of upbeat Caixin China's manufacturing survey failed to support USD, which corrected lower across the board Profit taking was seen after the US dollar index faced rejection…
Risk-on rally in the Asian equities on the back of upbeat Caixin China's manufacturing survey failed to support USD, which corrected lower across the board
Profit taking was seen after the US dollar index faced rejection at eight-month highs near 100.35 and slipped back to 100 mark
The greenback had earlier popped above 123.00 for the first time in a week, but fell sharply to hit lows of 122.64
US ISM manufacturing report due later today will continue to influence the pair, traders will aslo track sentiment across equity markets
Strong support for the pair is placed at 122.30 (Double bottom - Nov 27 & 24 Low), while immediate resistance is seen at 123.28 (Today's High)
Recommendation: Good to go long on dips around 122.70, SL: 122.20, TP: 123.25
