FxWirePro: USD/JPY fails to break support at 123.30, consolidation in place

• USD/JPY failed to break strong support at 123.30 (61.8.% Retracement level) and is further advancing to test next support level at 123.79 (38.2.% Retracement Level).

• Core PCE Price Index (MoM), Initial Jobless Claims, Personal Income (MoM),Service PMI (June) is due from the US market later in the day.

• The currency is trading at 123.53, Immediate support can be seen at 123.54. A break below this level will expose the pair to next support level at 123.29.

• Major resistance can be found at 123.80 (38.2.% Retracement Level) a break above this level will will open the door to 124.11 handle.

Recommendation: We prefer long above 123.50, targets 123.80, 124.10, SL 123.25.

Resistance Levels

R1: 123.81 (38.2.% Retracement Level)  

R2: 123.94

R3: 124.10(23.6% Retracement Level)

Support Levels

S1:123.54                                                            

S2:123.30(61.8% Retracement Level )

S3:122.90