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Long

USD/JPY faces strong support near 200 4HMA,good to buy at dips

FX:USDJPY   U.S. Dollar/Japanese Yen
270 0 4
USD/JPY             has taken support near 123.50 and recovered from that level. Overall trend is bullish as long as support 123.25 (200 day 4 HMA).

Any weakness can be seen only below 123.30 and break below will drag the pair further down till 122.90/122.40.

On the higher side minor resistance is around 124.50 and break above would extend gains till 125/125.84.

Bullish trend reversal level- 124.50

Bearish trend reversal level- 123.25

It is good to buy at dips around 123.80 with SL around 123.25 for the TP of 124.50/125
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