- Broad based US dollar strength pushing USD/JPY higher, trades closer to key 124.50 levels
- Fed Lockhart’s comments that Sept would be the appropriate time to raise interest rates boosted the buck
- Poor Japanese services PMI data further weighed on the yen, driving USD/JPY higher
- USD/JPY is currently trading at 124.40, with next resistance located at 124.50 (July 21 High) and above which it could extend gains to 124.63 (Daily High Jun 10)
- To the downside immediate support might be located at 124 below that at 123.73 (July 21 Low)
- Markets await US ADP employment data, trade figures and services PMI report later in the day for further direction
Resistance Levels:R1: 124.50 (July 21 High)R2: 124.63 (Daily High Jun 10)R3: 124.74 (Daily High Jun 9)Support Levels:S1: 123.73 (July 21 Low) S2: 123.80 (Session Low Aug 4)S3: 123.52 (Daily Low Jul 31)
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