• The USD/JPY pair slipped towards 119.75 levels during early European session, however the pair pulled back some losses after the release of jobless claims data from US market. Currently the pair is trading around 122.95 levels, a short dip towards 122.65 levels should be viewed as buying opportunities as the support level at 122.64 is set to hold the bears from falling further below and push the pair towards higher levels in the short term.
• Strong support can be seen at 122.64, a break below this level will expose the pair towards next support level located at 122.99 (61.8% Retracement Level).
   
• Major resistance can be seen at 123.60, a break above this level will open the gates towards 124.00 levels.
  
  Recommendation: We prefer long above 122.60, targets 123.50, 124.00, SL 122.50.
  
  Resistance Levels
  
  R1: 123.60 (November 9th high) 
  
  R2: 124.04 (23.6% Retracement Level)
  
  R3:124.54 (Aug 17th high)
  
  Support Levels
  
  S1: 122.64 (50 % Retracement Level)
  
  S2: 121.99 (61.8% Retracement Level)
  
  S3:121.40 (Nov 5th lows)