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USD/JPY dropped towards 122.45 levels after the release of retail sales data from US market. However the pair rebounded after finding support around 122.42 levels and is consolidating around 122.50 to reach higher levels. Support level around 122.44 is set to hold the bears from falling further below and push the pair towards higher levels in the short term, as the US dollar is stronger across the board against Japanese yen.
- Strong support can be seen at 122.44, a break below this level will expose the pair towards next support level located at 122.99 (61.8% Retracement Level).
- Major resistance can be seen at 123.28, a break above this level will open the gates towards 123.60 levels.
Recommendation: Buy around 122.45, targets 123.50, 124.00, SL 122.50.
Resistance Levels
R1: 122.88 (Daily high)
R2: 123.28 (38.2% Retracement Level)
R3:123.64 (Nov 11th high)
Support Levels
S1: 122.44 (Daily lows)
S2: 122.99 (61.8% Retracement Level)
S3:121.52 (Nov 5th lows)
