- The USD/JPY pair initially slipped towards 112.00 levels during European session, however the pair after finding strong support at 112.00 rebounded strongly and is moving towards higher side.
- Currently the pair is trading around 112.53 levels, a recovery towards 122.80 levels should be viewed as selling opportunities as the resistance level at 112.80 is set to hold the bulls from advancing further above and push the pair towards further downside in the short term.
- Immediate support can be seen at 112.26, a break below this level will expose the pair towards next support level located at 112.00.
- Major resistance can be seen at 112.80, a break above this level will open the gates towards 113.00 levels.
Resistance Levels
R1: 112.80 (50% Retracement Level)
R2: 113.00 (March 24th high)
R3: 113.28 (61.8% Retracement Level)
Support Levels
S1: 112.26 (38.2 % Retracement Level)
S2: 112.00 (Daily lows)
S3: 111.65 (23.6 % Retracement Level)
The material has been provided by InstaForex Company – www.instaforex.com