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USDJPY Analysis: Support at 123.80/123.20, resistance at 124.20/124.48

The dollar has been boosted in the past couple of days and once more the 30 pip resistance band of the 23.6% Fibonacci retracement of 118.86/125.85 is back in play at 124.20 and the recent rally high at 124.48. The momentum has ticked higher again, with the rebound yesterday dragged the Stochastics higher. The intraday chart shows the broken near term downtrend and the move above initial resistance at 123.70/80 (which now becomes supportive). However, I am not going to get excited until there is a decisive breach of the resistance at 124.48, as this position has been seen several times before. Also, the hourly RSI is once more up around 70 and beginning to roll over just at a time where the resistance is being tested, which does not bode well for an imminent breakout. Key near term support is now at 123.30.

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