FxWirePro: USD/JPY key support at 121.97, buy deal are recommended around 122.20

USD/JPY dropped towards 122.34 levels during early European hours. However after the US market opened the pair has rebounded strongly above 122.30 support levels and is approaching resistance level at 122.64.

• Currently the pair is trading around 122.59 levels it is set to advance further towards 123.00 and 123.50 in the short term. Support level around 122.62 is set to hold the bears from falling further below and push the pair upwards, as pair is trading in oversold condition and strong rebound is expected sooner or later. 
   
• Strong support can be seen at 121.97, a break below this level will expose the pair towards next support level located at 121.50.
   
• Major resistance can be seen at 122.64, a break above this level will open the gates towards 123.00 levels.
  
  Recommendation: Buy around  122.20, targets 123.00, 123.40, SL 122.00.
  
  Resistance Levels
  
  R1: 122.64 (38.2% Retracement Level) 
  
  R2: 122.90 (Nov 20th high)
  
  R3: 123.08 (23.6% Retracement Level)
  
  Support Levels
  
  S1: 122.30 (50% Retracement Level)
  
  S2: 122.22 (Nov 16th lows)
  
  S3: 121.97 (61.8% Retracement Level)