Strong support for USD/JPY at 122.30, good to go long on dips

FX:USDJPY   U.S. Dollar / Japanese Yen
253 0 5
Risk-on rally in the Asian equities on the back of upbeat Caixin China’s manufacturing survey failed to support USD, which corrected lower across the board

Profit taking was seen after the US dollar index             faced rejection at eight-month highs near 100.35 and slipped back to 100 mark, the greenback fell sharply to hit lows of 122.64, but has managed to pare some losses and is currently trading around 122.90

Breakout beyond 123.01, the daily Tenkan & 50% of the recent 123.77-122.26 slide in yesterday's trade is a positive sign

Strong support for the pair is placed at 122.30 ( Double bottom - Nov 27 & 24 Low), breaks below could take the pair to 121.63 (Nov 6 lows) and further below to 121.56 (38.2 % Fibo of 118.05 - 123.75 rise)

Immediate resistance on the topside is seen at 122.94 (Daily Tenkan) and then at 123.28 (Today’s High)

US ISM manufacturing report due later today will continue to influence the pair, traders will aslo track sentiment across equity markets

We would prefer to go long on dips around 122.70, SL: 122.20, TP: 123.25
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