- Yen received fresh impetus from Bank of Japan Kuroda’s comments while the greenback is seen retreating on profit-taking
- USD/JPY broke support by Jul 16 lows at 123.74, further dips till 123.00 likely
- Resistance is located 124 levels and above which it could extend gains 124.48 (July 21 High) levels
- Immediate support on the downside might be located at 123.56 (Today’s Low)
Recommendation: Sell rallies around 123.70, SL: 123.85, TP: 123.00Resistance Levels:R3: 124.63 (Daily High Jun 10)R2: 124.57 (76.4% Fibo 125.86-120.41)R1: 124.48 (Daily High Jul 21)Support Levels:S1: 123.41 (Hourly Low Jul 15)S2: 123.27 (Ichimoku Cloud Top)
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