Technical analysis of USD/JPY for July 30, 2015

The pair managed to hold the 20& 50Dsma junction bouncing back to the previous resistance level of 124.50. As of now, the pair reached a high at 124.21 during today’s Asian session. We recommend fresh intraday buying above 124.25 with targets at 124.40 and 124.50. A strong pullback is available above 124.50 towards 125.00.

TToday, traders keep an eye on the data on the US advance GDP on a quarterly basis and unemployment claims. Positive readings can push the pair towards 124.60 or even 124.90 during a day. In case of negative readings, the price will move towards 123.80 and 123.65. Use a dip to buy with sl 123.50.

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