Fxwirepro: Usd/jpy Faces Strong Support at 123.50, Further Weakness Only Below That Level

• 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: 124.60 ( 20 day 4HMA)

PRICE: 124.23 @09:58  GMT 

• SUP1 : 124.30 (7 day 4 HMA)
• SUP2 :124.10 (23.6% retracement of 120.40 and 125.27)
• SUP 3 : 123.50 ( Jul 31^st low)
• SUP 4 :123 (Jul 27^th low)

Potential Reversal Zone- 123.50

USD/JPY has made a high of 125.30 and declined till 123.77. It is facing resistance around 125.30 (trend line joining 123.71 and 124.46) and also 161.8% retracement of 124.46 and 123.10.

Any break above 125.30 would extend gains till 125.65/125.84 in short term.

On the downside minor support is around 124 and any break below target 123.50

Bullish invalidation only below 123.50.

It is good to buy at dips around 124.25-30 with SL around 123.50 for the TP of 125.85.

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