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- RES 4: 126.88 (161.8% retracement of 124.43 and 120.45)
- RES 3 : 125.85 (jun 5th high)
- RES 2:125
- RES 1: 124.40 (Jun 24th high)
PRICE: 123.25 @11:05GMT
- SUP 1 : 123.30( 200 day 4 HMA)
- SUP 2 :122.90 (Jul 14th low)
- SUP 3: 122.40
- SUP 4: 121.98 (61.8% retracement of 120.40 and 124.44)
USD/JPY has taken support near 123.50 and recovered from that level. Overall trend is bullish as long as support 123.25 (200 day 4 HMA).
Any weakness can be seen only below 123.30 and break below will drag the pair further down till 122.90/122.40.
On the higher side minor resistance is around 124.50 and break above would extend gains till 125/125.84.
Bullish trend reversal level- 124.50
Bearish trend reversal level- 123.25
It is good to buy at dips around 123.80 with SL around 123.25 for the TP of 124.50/125
