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USD/JPY dropped towards 122.45 levels during mid-morning American hours. However the pair rebounded after finding support around 122.71 levels and is consolidating around 122.80 to reach higher levels.
- Support level around 122.62 is set to hold the bears from falling further below and push the pair towards higher levels in the short term, as the US dollar is stronger across the board against Japanese yen.
- Strong support can be seen at 122.62, a break below this level will expose the pair towards next support level located at 121.00.
- Major resistance can be seen at 123.24, a break above this level will open the gates towards 123.75 levels.
Recommendation: Buy around above 122.60, targets 123.00, 123.40, SL 122.00.
Resistance Levels
R1: 123.04 (Daily high)
R2: 123.24 (38.2% Retracement Level)
R3: 123.75 (Nov 19th high)
Support Levels
S1: 122.62 (50% Retracement Level)
S2: 122.22 (Nov 16th lows)
S3:121.00 (61.8% Retracement Level)
