• USD/JPY bounced off lows and is now pushing higher towards session highs by 123.52 
  
  
• Safe-haven yen saw little support as markets largely ignored massive sell-off seen in Chinese equities on Tuesday
  
  
• FOMC statement, scheduled to be released on Wednesday will be the main focus ahead, a firmer tone from the Fed to confirm possibility of a Sept rate hike 
  
  
• USD/JPY is currently trading at 123.52, with next resistance at 123.82 (July 27 High), above which it could extend gains to 124.19 (Daily Highs Jul 23/24)
  
  
• To the downside immediate support might be located at 123.01 (July 27 Low) below that at 122.93 (38.2% Fibo 120.41-124.48)
  
  

Resistance Levels:

R1: 124.19 (Daily Highs Jul 23/24)

R2: 124.48 (Daily High Jul 21)

R3: 124.57 (76.4% Fibo 125.86-120.41)

Support levels:

S1: 122.93 (38.2% Fibo 120.41-124.48)

S2: 122.92 (Daily Low Jul 14)

S3: 122.55 (Hourly Low Jul 13)