FxWirePro
Long

Good to buy USD/JPY dips around 122.45

FX:USDJPY   U.S. Dollar / Japanese Yen
327 0 4
The Japanese yen             (along with other safe-havens) is gaining strength on news about Syria-Turkey border plane crash, taking USD/JPY             to session lows near 122.46.

USD/JPY             was capped below 123 handle on the day after having crawled off last week's low of 122.62; trading has been soggy and volumes light

Position adjustments ahead of Thursday's U.S. Thanksgiving holiday probably weighing on the pair, BoJ minutes will take centre stage in Japan early tomorrow

Rate hike prospects allow dollar to brush off downbeat data, indicators released on Monday showed manufacturing sector growth slowing to its weakest pace since Oct 2013 and existing home sales declining 3.4 pct last month

Correction of recently overbought daily studies is already well underway and could extend upto 122.40 levels (23.6 5 Fibo retracement of 118.05-123.75 rise)

Bullish Ichi alignment remains dominant, prices are above the 21-DMA & the Nov 16 swing low of 122.22

Good to buy dips around 122.45, SL: 121.60, TP: 123.60, Bullish invalidation on breaks below 121.56

Resistance Levels:

R1: 123.77 (Daily High Nov 18)

R2: 123.79 (Daily Low Aug 12)

R3: 124.00 (Psychological Level)

Support Levels:

S1: 122.41 (23.6% Fibo 118.05-123.75 rise)

S2: 122.22 (Nov 15 lows)

S3: 121.86 (Session lows Nov 6)
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