FxWirePro: USD/JPY key support at 122.15, buy deals are recommended around 122.20

USD/JPY has declined towards 122.72 levels, after failing to break resistance level located at 123.38. Currently the pair is making an attempt to break support level located at 122.70. 

• Further downside is expected to be limited around 122.20 as the strong support level at 122.15 is set to hold the bears from falling further below and push the pair towards higher levels in the short term. Therefore, it's good to buy this pair around 122.15.
• Strong support can be seen at 122.15, a break below this level will expose the pair towards next support level located at 121.50 levels.
• Major resistance can be seen at 123.34, a break above this level will open the gates towards 124.00 levels.

Recommendation: We prefer long above 122.20, targets 123.00, 123.40, SL 121.80.

Resistance Levels

R1: 123.00 (Psychological level) 

R2: 123.38 (38.2% Retracement Level)

R3: 123.66 (Dec 2nd high)

Support Levels

S1: 122.70 (50% Retracement Level)

S2: 122.45 (Dec 4th lows)

S3:122.15 (61.8% Retracement Level)