With earlier USD/JPY gains taken back and a bull pressure now seen, a move further higher towards the 122.00 level could occur. On the upside, resistance resides at the 122.00 level with a turn above here aiming at the 122.50 level. A break will target the 123.00 level.
Further out, resistance comes in at the 123.50 level where a violation will aim at the 123.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support comes in at the 120.50 level where a break will target the 120.00 level. Below here, if seen, will aim at the 119.50 level followed by the 119.00 level. On the whole, USD/JPY remains exposed to the upside nearer term
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