On the downside any weakness will drag the pair further down till 118.70/118.
The pair’s major resistance is around 121.30 and any break above could pave way for next target around 122.10/123 in short term.
It is good to buy at dips for the target of 122.10.
Indicators (4 Hour chart)
(50) - Sell
(14) - Sell
Recommendation: Buy USD/JPY around 120.25-30, SL 119.20, Targets 122.10/123.