FxWirePro: USD/JPY approaching resistance level at 124.16, buy above 123.80

• USD/JPY approaching resistance level at 124.16, currently the pair is trading at 124.03.  The pair is set to advance further towards 124.40 and later 124.70. Japanese Yen is weaker against US Dollar, Dollar is all set to gain further against Yen in the short term.

• Immediate support can be seen at 123.90. A break below this level will expose the pair to next support level at 123.71(38.2 % Retracement Level).

• Major resistance can be found at 124.37, a break above this level will open the door to 124.50 handle.

Recommendation: We prefer long above 123.85, targets 124.30, 124.70, SL 122.40.

Resistance Levels

R1: 124.16

R2: 124.37 (38.2 % Retracement Level)

 R3: 124.62 (23.6 % Retracement Level)

Support Levels

S1:123.93(61.8 % Retracement Level of 120.30 to 125.00)                                              

S2:123.71

S3:123.30