• USD/JPY has rebounded after hitting support level at 124.44 and is bouncing above to test resistance level at 123.66, the support level at 122.67 is set to hold the bears from declining further below and push the pair towards higher upside, as the US dollar is stronger across the board against Japanese yen and other major pairs. Therefore, its good go long on pair on dips. 
  
  
• Strong support can be seen at 122.69, a break below this level will expose the pair towards next support level located at 122.24.
  
  
• Major resistance can be seen at 123.63, a break above this level will open the gates towards 124.00 levels.
  
  Recommendation: We prefer long above 122.80, targets 123.60, 124.00 SL 122.00.
  
  Resistance Levels
  
  R1: 123.63 (38.2% Retracement Level) 
  
  R2: 124.26 (23.6 % Retracement Level)
  
  R3: 124.60 (Aug 17th high)
  
  Support Levels
  
  S1: 123.17 (50 % Retracement Level)
  
  S2: 122.69 (61.8 % Retracement Level)
  
  S3:122.24 (Dec 4th lows)