• USD/JPY pair made gains yesterday after buyers stepped in, following interest rate hike by Federal Reserve. The pair fell towards 122.22 levels in the earlier European session, but buying interest has pushed the pair towards 122.55 levels. 
   
• Further decline is expected to be limited around 122.10 levels as the support level at 122.05 levels is set to hold the bears from falling further below, and bring a rebound towards higher levels, therefore it's good to buy this pair around 122.10 levels.
   
• Immediate support can be seen at 122.05, a break below this level will expose the pair downwards towards 121.70 levels.
   
• Major resistance can be seen at 123.00, a break above this level will open the door towards 123.50 levels.
  
  Recommendation: We prefer long around 122.10, targets 122.70, 123.20, SL 121.40.
  
  Resistance Levels
  
  R1: 122.60 (Daily high) 
  
  R2: 123.00 (23.6% Retracement Level)
  
  R3:123.50 (Dec 7th high)
  
  Support Levels
  
  S1: 122.05 (38.2 % Retracement Level) 
  
  S2: 121.30 (50 % Retracement Level) 
  
  S3:120.49 (61.8 % Retracement Level)