USD/JPY Intraday: Bias remains bullish. The US dollar index is currently trading at 97.290, higher than the previous session's high of 97.254. Overnight, the US Federal Reserve expressed satisfaction with solid gains in the labor market. Traders will look for further hints on the Fed's next interest rate move from tonight's US Q2 GDP data. USD/JPY has broken above the 124 mark and is pressing against its immediate upside target at 124.60. All intraday indicators, including the 20- and 50-period intraday MAs and the intraday RSI, are well directed and call for further advance. The second upside target is placed at 124.85 (seen on July 21).
The daily chart is bullish as the MACD is in bullish mode.
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price keeps above its pivot point, long positions are recommended with the first target at 124.60 and the second target at 124.85. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 123.50. A break of this target would push the pair further downwards, and one may expect the second target at 123.30. The pivot point is at 123.90.
Resistance levels: 124.60 124.85 125.50
Support levels: 123.50 123.30 122.85
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