USD/JPY trades higher on strong Asian equity markets,targets 123

FX:USDJPY   U.S. Dollar / Japanese Yen
312 1 7
USD/JPY             is trading higher due to improved sentiments in Asian equity markets. Chinese market is up over 5% and it has reclaimed 3900 level.

Technically USD/JPY             is facing psychological resistance at 122 and any break above would extend gains till 122.56/123 in short term.

On the downside intraday weakness can be seen only below 121.60 and break below will drag the pair further down till 121/120.40.

Bullish invalidation only below 120.30.

It is good to buy at dips around 121.90 with SL around 121.60 for the TP of 122.56/123.
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