USD/JPY IS TRADING ABOVE 121.80,JUMP TILL 123.40 IS POSSIBLE

• RES 4 : 125.79 (161.8% retracement of 121.83 and 115.55)
  
  
• RES3: 124.13 (2007 High)
  
  
• RES2:123.41 (138.2% retracement of 122.01 and 118.32)
  
  
• RES1: 122.05 (Mar 3^rd high)
  
  

PRICE: 121.84 @ 05:17 GMT 

• SUP1: 121.50 (20 day HMA)
  
  
• SUP2: 120.46 (200 day HMA)
  
  
• SUP 3: 119.50

• SUP 4 118.87 (May 14^th High)

USD/JPY has broken short term resistance 121.80 and it confirms short term bullishness , a jump till 123.40/124.13 cannot be ruled out . 

Intra day weakness can be seen only below 121.50 and any break below will drag the pair further down till 121/120.60. 

The major resistance is around 122 and break above would extend gains till 123.30/124.10. 

It is good to buy around 121.80-85 with stop around 121.48 for the target of 123.10