USD/JPY: Watch For 123.40 Confluence
Admirals | Jul 22, 2015 03:57AM ET
USD/JPY surged up on equities jump to record highs. Adding to that there is a possibility of a rate hike in September which fueled the pair. "Turnaround" Tuesday tanked the pair and currently we see a retracement in uptrend.
Technically we might see a drop to 123.40-50 zone where we see a POC where the pair could reject. POC ( historical buyers, L4, 61.8) shows historical buying from the 123.40 zone and the pair could face with "historical vs now moment buyers" principle if the zone is reached. Target for the bounce is 124.30 and the scenario is valid only if 122.90 holds.
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