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USD/JPY trades above 124, intraday weakness only below 123.60

RES 4: 126.88 (161.8% retracement of 124.43 and 120.45) RES 3 : 125.85 (jun 5th high) RES 2:125 RES 1: 124.36 (Jun 24th high) PRICE: 124.09@ 09:42 GMT SUP 1: 123.70 (20 day 4 HMA) SUP 2 : 123.35( 200 day 4 HMA) SUP 3 :12…

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  • RES 4: 126.88 (161.8% retracement of 124.43 and 120.45)

  • RES 3 : 125.85 (jun 5th high)

  • RES 2:125

  • RES 1: 124.36 (Jun 24th high)

PRICE: 124.09@ 09:42 GMT 

  • SUP 1: 123.70 (20 day 4 HMA)
  • SUP 2 : 123.35( 200 day 4 HMA)

  • SUP 3 :122.90 (Jul 14th low)

  • SUP 3: 122.05 (Cloud bottom)

USD/JPY has made a high of 124.22 today Asian session and trading at 124.10. Intraday trend is bullish as long as minor support 123.60 holds.

Any break below 123.30 will target 122.90/122.40 in short term.

Short term bullish invalidation only below 122.90.

On the higher side minor resistance is around 124.40 and break above target 125/125.85.

Indicators (4 hour chart)

CCI (50) - Buy

Ichimoku- Buy

It is good to buy at dips around 123.95 with SL around 123.60 for the TP of 125

 

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