• USD/JPY has pared some of the early gains after hitting a session high of 124.37 and is currently trading at 124.20
  
  
• Trading was subdued in Asia due to the Japan Marine day holiday today
  
  
• Japan's trade balance due Thursday in focus, forecast is for a surplus of $5 billion 
  
  
• 500m worth of 123.85 option strikes during the NY cut today likely to attract

Resistance Levels:

R1: 124.46 (Daily High Jun 18)

R2: 124.57 (76.4% Fibo 125.86-120.41)

R3: 124.63 (Daily High Jun 10)

Support Levels: 

S1: 123.96 (Session Low Jul 20)

S2: 123.92 (Daily Low Jul 17)

S3: 123.74 (Daily Low Jul 16)