Usd/jpy Trades Well Above 124, Intraday Weakness Only Below 123.80

• RES 4: 126.88 (161.8% retracement of 124.43 and 120.45)
• RES 3 : 125.85 (jun 5^th high)
• RES 2:125
• RES 1: 124.40 (Jun 24^th high)

PRICE: 124.34@10:43GMT 

• SUP 1: 124.16 (20 day 4 HMA)
• SUP 2 : 123.92 (Kijun-Sen)

• SUP 2 : 123.35( 200 day 4 HMA)
• SUP 3 :122.90 (Jul 14^th low)

USD/JPY has broken major resistance 124.36 and jumped till 124.44. Intraday trend is bullish as long as minor support 123.80 holds.

Any break below 123.80 will target 123.30/122.90 in short term.

Short term bullish invalidation only below 122.90.

On the higher side minor resistance is around 124.40 and break above target 125/125.85.

Indicators (4 hour chart)

CCI (50) – Buy

Ichimoku- Buy

It is good to buy at dips around 123.95 with SL around 123.60 for the TP of 125

The material has been provided by InstaForex Company – www.instaforex.com