Usd/jpy Trades Well Above 124, Jump Till 125 Cannot be ruled Out

• 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: 124.36 (Jun 24^th high)

PRICE: 124.25@10:11 GMT 

• SUP 1: 124 (20 day 4 HMA)
• SUP 2 : 123.60 (Kijun-Sen)

• SUP 2 : 123.35( 200 day 4 HMA)
• SUP 3 :122.90 (Jul 14^th low)

USD/JPY is consolidating between 124.22 and 123.90 on Friday session. Intraday trend is bullish as long as minor support 123.60 holds.

Any break below 123.30 will target 122.90/122.40 in short term.

Short term bullish invalidation only below 122.90.

On the higher side minor resistance is around 124.40 and break above target 125/125.85.

Indicators (4 hour chart)

CCI (50) – Buy

Ichimoku- Buy

It is good to buy at dips around 123.95 with SL around 123.60 for the TP of 125

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