- Signs that Chinese equities are stabilising and Greece optimism helping risk sentiment across the board, could lead to further consolidation and pullback in the JPY crosses
- The safe-haven yen duly retreated, allowing the greenback to climb back above 121.500 yen, from a seven-week low of 120.410 set mid-week
- At the time of writing USD/JPY is trading at 121.98, daily price action has pierced the cloud
- 55 EMA by 122.11 could offer strong resistance, break above could target 122.86 (20 DMA)
- There is no major data out of Asia on Friday, Chinese equities, Greece progress and Yellen's speech on the U.S. economic outlook - due at 1630 GMT will be in focus
R1: 122.05 (Daily Tenkan-Sen)
R2: 122.11 (55 EMA)
R3: 122.86 (20 DMA)
Support Levels:
S1: 121.68 (Cloud base)
S2: 121.26 (Day's low)
S3: 120.46 (Jul 9 low)


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