• USD/JPY capped below 123 handle on the day after having crawled off last week's low of 122.62, trading has been soggy and volumes light
  
  
• Position adjustments ahead of Thursday's U.S. Thanksgiving holiday probably weighing on the pair
  
  
• The dollar index however hovered near an 8-month peak, rate hike prospects allow dollar to brush off downbeat data 
  
  
• Indicators released on Monday showed manufacturing sector growth slowing to its weakest pace since October 2013 and existing home sales declining 3.4 percent last month
  
  
• Correction of recently overbought daily studies is already well underway and could extend upto 122.40 levels (23.6 5 Fibo retracement of 118.05-123.75 rise)
  
  
• Bullish Ichi alignment remains dominant, prices are above the 21-DMA & the Nov 16 swing low of 122.22

We would buy dips around 122.45, SL: 121.60, TP: 123.60, Bullish invalidation on breaks below 121.56

Resistance Levels:

R1: 123.77 (Daily High Nov 18)

R2: 123.79 (Daily Low Aug 12)

R3: 124.00 (Psychological Level)

Support Levels:

S1: 122.73 (Daily Low Nov 20)

S2: 122.62 (Daily Low Nov 19)

S3: 122.41 (23.6% Fibo 118.05-123.75 rise)