FxWirePro: USD/JPY key support at 122.80, bullish in the short term

USD/JPY pair has inched higher in US session towards 123.37 levels supported by healthy US building permits which came in line with expectations. Currently the pair is making an attempt to break resistance at 123.49 and reach higher levels. 

• The pair is set to advance further towards 123.80 and 124.50 in the short term, as the US dollar is set gain upper hand against Japanese yen ahead of FOMC meeting. Therefore, it's good to buy this pair on dips. 
• Strong support can be seen at 122.80, a break below this level will expose the pair to next support level at 122.24.
• Major resistance can be seen at 123.60, a break above this level will open the door towards 124.00.

Recommendation: We prefer long above 123.00, targets 123.80, 124.50, SL 122.80.

Resistance Levels

R1: 123.50 (Daily high) 
R2: 123.60 (Nov 9th high) 
R3: 124.10 (23.6 % Retracement Level)

Support Levels

S1: 123.00 (Psychological levels) 
S2: 122.80 (50 % Retracement Level)
S3:122.24 (61.8% Retracement Level)