- USD/JPY has consolidated between between 125.27-123.77 past week.It is currently trading at 124.38. Overall trend is bullish as long as support 123.50 holds.
- Bullish invalidation only below 123.50. Any break below 123.50 will drag the pair further down till 123/122.40.
- The minor supports are 124/123.50.
- The pair’s minor resistance is around 124.60 and any break above would extend gains till 125.30/125.85.
It is good to buy at dips around 124.20 with SL around 123.50 for the TP of 125.85
The material has been provided by InstaForex Company – www.instaforex.com