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USD/JPY declined in the earlier session towards 123.00 levels. However, the pair has recovered upto 123.16 levels. Currently the price action is struggling around 123.38 levels, nevertheless short pullback towards 122.80 levels should be viewed as buying opportunities as the support level at 122.64 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. Therefore, long orders are recommended around 122.80 levels.
- Strong support can be seen at 122.64, 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 123.60, a break above this level will open the gates towards 124.00 levels.
Recommendation: We prefer long above 122.80, targets 123.50, 124.00, SL 122.50.
Resistance Levels
R1: 123.60 (November 9th high)
R2: 124.04 (23.6% Retracement Level)
R3:124.54 (Aug 17th high)
Support Levels
S1: 123.24 (38.2 % Retracement Level)
S2: 122.64 (50 % Retracement Level)
S3:122.99 (61.8% Retracement Level)
