Overall trend bullish expected to reach 124.13 (Jun 2007 high)

•   RES 4: 128.33- 161.8% projection of 115.55 to 121.80 from 118.22.
  
  
•   RES 3: 125.66 - 161.8% retracement of 121.80 and 115.55
• RES 2: 124.13 - Jun 2007 High
  
  
•  RES 1: 122.20 -  Jan 2007 high 

      PRICE: 121.85 @ 6:20GMT 

•  SUP 1: 121(23.6% retracement of 118.22 to 122.01
  
  
•  SUP 2: 120.50 (Mar 9^th  Low)
  
  
•  SUP 3: 120.29 (200 day HMA)
  
  
•   SUP 4: 119.90

COMMENTARY:

USD/JPY made a high of 122.01 and retreated till 120.83. Overall trend is bullish as long as support 120.48 (23.6% retracement of 115.55 and 122.01) holds.

On the downside minor support is around 121 and any break below will target 120.50/119.90 (200 day HMA).

The pair's minor resistance is around 122.20 and above that level it will reach 123/124.13.