• The USD/JPY pair initially slipped towards 122.20 levels during Asian session, however the pair after finding strong support at 122.24 rebounded strongly and is moving towards higher side. 
  
  
• Currently the pair is trading around 122.82 levels, a short dip towards 122.40 levels should be viewed as buying opportunities as the support level at 122.30 is set to hold the bears from falling further below and push the pair towards higher levels in the short term. 
  
  
• Strong support can be seen at 122.23, a break below this level will expose the pair towards next support level located at 121.96 (61.8% Retracement Level).
  
  
• Major resistance can be seen at 123.26, a break above this level will open the gates towards 123.75 levels.
  
  Recommendation: We prefer long above 122.40, targets 123.00, 123.60, SL 122.00
  
  Resistance Levels
  
  R1: 123.07 (23.6% Retracement Level) 
  
  R2: 123.26 (Nov 23rd high)
  
  R3: 123.75 (Nov 18th  high)
  
  Support Levels
  
  S1: 122.64 (38.2 % Retracement Level)
  
  S2: 122.22 (Daily lows)
  
  S3: (61.8 % Retracement Level)