122,20 was old resistance now turns to new support.
121.50 level is convergent point of SMA50 + SMA200 + SMA100 : A strong resistance.
I think with the break of those resistance levels, I'm confident UDSJPY could extend higher.
The next very strong resistance is 123.65, and further is 125.25
U/J needs a strong effort to reach those levels.
The main reason why I bid for LONG USDJPY :
- FED hiked rate actually was not a bad new for Stock market. As FED believe that US economy could handle this hike, and will be stronger. The strong comment of Mrs.Yellen affected positively to US Stock and that why we see Stock went up. US now is a good investing destination, investors like US assets, and will bid for Dollar.
I maintain LONG position of USDJPY to 123.50