Fxwirepro: USD / JPY is approaching the support level 124.00, we recommend buying above 124.05
Fxwirepro: USD / JPY is approaching the support level 124.00, we recommend buying above 124.05 • USD / JPY pair is preparing to test the support level at 124.00. This level, which is strong enough to keep the bears and should not allow the pair to fall below the level of 124.00. Pair should make a return bounce of the region 124 and reach levels of 124.50 and 124.90 in the short term.• a good time to buy a currency pair will be to achieve levels 124,00-124,10 as soon expected strengthening of the US dollar against the Japanese yen.
• A strong support level is located at around 124.00 (minimum of 5 August), the breakthrough will lead the pair to the next support level at 123.79 (minimum of 4 August).
• The primary resistance level is near the mark of 124.44 (maximum of 5 August); a break above this mark would open the way to the level of currency 124.63 (38.2% correction).
Recommendation: Long positions above 124.00, targets 124.60 and 124.90, stop-loss level at around 123.40.
Resistance Levels:
R1: 124,26 (61,8% correction)
R2: 124,44 (maximum of 5 August)
R3: 124,63 (38,2% correction)
Support levels:
S1: 124,10 (minimum of 12 August)
S2: 124,00 (minimum of 5 August)
S3: 123,79 (minimum of 4 August)
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