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- USD/JPY has consolidated between between 124.56-124.21 yesterday.It is currently trading at 124.42. Overall trend is bullish as long as support 123.50 holds.
- Bullish invalidation only below 123.50. Any break below 123.50 will drag the pair further down till 123/122.40.
- The minor supports are 124/123.50.
- The pair's minor resistance is around 124.60 and any break above would extend gains till 125.30/125.85.
It is good to buy at dips around 124.20 with SL around 123.50 for the TP of 125.85.
