FxWirePro
Long

USD/JPY faces strong support at 123.50, good to buy at dips

FX:USDJPY   U.S. Dollar/Japanese Yen
282 0 8
USD/JPY             has retreated till 123.77 yesterday after making a high of 125.30 yesterday. It is currently trading at 124.46. Overall trend is bullish as long as support 123.50 holds.

Bullish invalidation only below 123.50. Any break below 123.50 will drag the pair further down till 123/122.40.

The minor supports are 124/123.50.

The pair’s minor resistance is around 124.60 and any break above would extend gains till 125.30/125.85.

It is good to buy at dips around 124.20 with SL around 123.50 for the TP of 125.85
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