• 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

Resistance Levels:

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)