Judging by the slow action in the first two days of the trading week, we're indeed in summer doldrums mode. Daily ranges of the major pairs appear to be between 30 and 70 pips and 50 pip move in this environment seems like a lot.

USD/JPY has been grinding up and is currently trading near 124.40, which is an important resistance. There are quite a few levels stacked all the way up to the big 125 (Daily Resistance 1, 50's, Daily Resistance 2, Weekly Resistance 1, Daily Resistance 3, Monthly Resistance 1). On the downside 124.25 (Previous Week High, Daily Pivot Point, H1 50 SMA) is the initial support, before 124.00 - 124.10 (Yesterday's low, Daily Support 1, 00's, H1 100 SMA).

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