In the aftermath of an otherwise solid US labour market report last Friday, USD/JPY sold off. It stalled ahead of 124.00 and closed the week near 124.20. The pair managed to recoup two thirds of those losses overnight and in the morning amid general dollar strength. It's now back to pre-NFP levels around 124.75.

Immediate resistance is now seen in 124.80 - 125.10 band: Daily Resistance 1 (124.82), Weekly Resistance 1 (124.92), 00's (125.00), Previous Week High (125.07). Stronger one shall come in between 125.50 and 126.00 and includes cycle-high set on June 5th (125.85). Support may be found near 124.50.

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