- USD/JPY is down from new two-month high of 125.06 hit on Friday, before a miss on NFP saw the pair slip to 124.08
- The pair has pared some of the loses and is currently trading at 124.35 with the day’s range being 124.39/20
- 4-hourly Techs are positively aligned, momentum is bullish, good to buy on dips around 124.20, SL: 124.00, TP: 124.60
- Immediate resistance is seen at 124.57 (4h Tenkan-Sen), breaks above could take the pair to 125.00 levels
- Industrial production from Japan and retails sales data due this week will in be focus for further direction
Resistance Levels:R1: 124.57 (4h Tenkan-Sen)R2: 125.07 (Session high August 7)R3: 125.60 (Hourly High Jun 8)Support Levels:S1: 124.11 (Session low August 7)S2: 124.09 (10-Day MA)S3: 124.02 (Daily Low Aug 5)
The material has been provided by InstaForex Company – www.instaforex.com