- USD/JPY has rebounded strongly after hitting support level at 122.30 in the early Asian hours to trade at 122.74 levels, the support level at 122.30 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 in the intraday trading.
- Strong support can be seen at 122.30, a break below this level will expose the pair towards next support level located at 121.96.
- Major resistance can be seen at 123.00, a break above this level will open the gates towards 123.50 levels.
Recommendation: We prefer long above 122.60, targets 123.00, 123.40, SL 121.80.Resistance LevelsR1: 122.93 (Nov 25th high) R2: 123.00 (Psychological levels)R3:123.23 (Nov 23rd High)Support LevelsS1: 122.64 (38.2% Retracement Level)S2: 122.30(50% Retracement Level)S3: 121.96 (61.8 % Retracement Level)
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