• Fed Chair Yellen's hawkish comments and the recent upbeat US macro data buoyed USD/JPY to fresh three-week peak of 124.23 today
  
  
• The pair however erased early gains from 124.09 to 124.23 and now trades back down at 124.00 
  
  
• The major is correcting from heavy gains seen over the past one week, and is hovering around the 124 handle
  
  
• Trading in Asia is likely to be subdued with many centres closed for public holidays and amid an absence of market-moving data
  
  
• US CPI and consumer sentiment data during the American session likely to influence further moves in USD/JPY

Resistance Levels:

R3: 124.57 (76.4% Fibo 125.86-120.41)

R2: 124.46 (Daily High Jun 18)

R1: 124.38 (Daily High Jun 24)

Support Levels:

S1: 123.74 (Daily Low Jul 16)

S2: 123.41 (Hourly Low Jul 15)

S3: 123.27 (Ichimoku Cloud Top)