• USD bulls remained broadly supported by increased expectations for a US rate hike before the year end 
  
  
• Federal Reserve Official Bullard on Monday stated that he is expecting rate-hike in Sept FOMC 
  
  
• USD/JPY hit fresh 6-week highs near 124.50 after brief consolidation in Asia post holiday trading, markets shrugged off BOJ rhetoric 
  
  
• The pair has entered major resistance zone at 124.38-73, cluster of rebound highs in June 
  
  
• USD/JPY is currently trading at 124.40, breaks beyond 124.73 could take the pair to 125.85 (June 5th highs)

Resistance Levels: 

R1: 124.57 (76.4% Fibo 125.86-120.41)

R2: 124.63 (Daily High Jun 10)

R3: 124.74 (Daily High Jun 9)

Support Levels:

S1: 124.00 (Jul 20 low)

S2: 123.92 (Daily Low Jul 17)

S3: 123.74 (Daily Low Jul 16)