USD/JPY - resistance at level 123.20 is a trouble for demand
Since mid-October USD/JPY moves in uptrend. This isn't a vertical upward movement, but higher highs and higher lows show that trend is continuing. Since two weeks demand has a problem with break above level at 123.20. Two times such attempt ended as fakey. Positive for the bulls is the fact that declines have stopped already at fibo 38.2%; therefore bears do not have yet a lot to say.
If resistance at 123.20 will break above, next targets for bulls are at levels: 124.50, 125.20 and 125.85, which is this year's high. After leaving on a new high, strong resistance is at level 135.15, which is high from 2002 year. If there was correction, nearest supports are at levels: 122.23, 122.00, 121.45.
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