FxWirePro: USD/JPY trades in narrow range, good to buy at dips

• RES 4: 126.88 (161.8% retracement of 124.43 and 120.45)
   
• RES 3 : 125.85 (jun 5th high)
   
• RES 2: 125.30 (Aug 12th high)
   
• RES 1:125
   

PRICE: 124.51 @11:54 GMT 

• SUP1 : 124.30 (7 day 4 HMA)
   
• SUP2 :124.10 (23.6% retracement of 120.40 and 125.27)
   
• SUP 3 : 123.50 ( Jul 31st low)
   
• SUP 4 :123 (Jul 27th low)
   

Potential Reversal Zone- 123.50

USD/JPY has made a high of 125.30 and low of 123.77 last week . It is facing resistance around 125.30 (trend line joining 123.71 and 124.46) and also 161.8% retracement of 124.46 and 123.10.

Any break above 125.30 would extend gains till 125.65/125.84 in short term.

The pair's minor resistance is at 124.60 and break above targets 125/125.30

On the downside minor support is around 124 and any break below target 123.50

Bullish invalidation only below 123.50.

It is good to buy at dips around 124.25-30 with SL around 123.50 for the TP of 125.85.