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Long

USD/JPY weakness only below 122.90 (21 DMA), good to buy dips

FX:USDJPY   U.S. Dollar/Japanese Yen
248 1 4
The dollar rose to 123.68 yen, a two-week high, on Wednesday, before paring gains as a big fall in oil             prices prompted traders to ease off on riskier trades. USD/JPY             is back from 123.68 high overnight, profit-taking seen at highs, pushing the pair lower

However, U.S. ADP data boded well for Friday's jobs report, easing concerns sparked by a soft U.S. manufacturing data on Tuesday. Hawkish comments from Yellen onernight also keep the dollar supported

Some option expiries in vicinity - 122.85-123.00 USD445 mln             , 123.25 805 mln             , another USD422 mln             between 123.30-50 too, might contain market

Daily Techs are positive, daily charts show dips in the pair being contained by rising 21 DMA (now at 122.90) since Nov 24th, RSI and Stochs also point North

122.90 (21 DMA) is strong support on the downside, breaks below would bring next support at 122.40 (23.6 % Fibo of 118.05 - 123.75 rise) in sight

Resistance on the upside lies at 123.65 (Daily High Nov 19) and further above at 123.67 ( Dec             2nd high)

Recommendation: Good to buy dips around 123.25/30, SL: 122.85, TP: 124

Resistance Levels:

R1: 123.65 (Daily High Nov 19)

R2: 123.67 ( Dec             2nd high)

R3: 123.77 (Daily High Nov 18)

R4: 124.00 (Psychological Level)

Support Levels:

S1: 122.90 (21 DMA)

S2: 122.82 ( Dec             2 Low)

S3: 122.65 (Daily Low Dec             1)

S4: 122.40 (23.6 % Fibo of 118.05 - 123.75 rise)
124.10 is likely reversal point.
Would we see 124.10?
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