FxWirePro: USD/JPY key support at 124.26, upside prevails in the short term

• USD/JPY is approaching to test support level at 124.26, the pair is set to advance further towards 124.60 and later 124.90 levels in the short term.

• Strong support can be seen at 124.26 (61.8 % Retracement Level), a break below this level will expose the pair to next support level at 124.00 levels.

• Major resistance can be seen at 124.74 (23.6 % Retracement Level), a break above this level will open the door to 125.00 handle.

Recommendation: We prefer long above 124.25, targets 124.60, 124.90, SL 123.40.

Resistance Levels

R1: 124.57 (38.2 % Retracement Level)

R2: 124.74 (23.6 % Retracement Level)

R3: 125.03 (June 2nd high)

Support Levels

S1: 124.26 (61.8 % Retracement Level of 123.73 to 125.03)

S2:124.08 (July 24^th high)

 S3: 123.73 (Aug 4th lows)