USD/JPY is extending its recovery from Monday's extensive slide, and has edged above 200 DMA at 121.58.
- Solid rebound staged by the Japanese stocks, which helped improve investors' sentiment helping the pair higher.
- Upcoming Fed hike also underpins the USD, markets now await a host of key US economic updates due later today for further direction in the pair.
- USD/JPY is curently trading at 122.14, with immediate resistance seen at hourly cloud top at 122.23, while support on the downside is located at 121.58 (200 DMA).
- A close above 122.40 could take the pair higher to 123.70 levels, but close below 200 DMA at 121.58 could see retrace to 120.89 levels.
- We would wait for breaks and close above 122.40 to go long.
Resistance Levels:
R1: 122.23 (hourly cloud top)
R2: 122.38 (Tenkan-Sen)
R3: 121.99 (38.2% Fibo 123.48-121.08)
Support Levels:
S1: 121.58 (200 DMA)
S2: 121.56 (38.2% Fib of of 118.07-123.77 rise)
S3: 121.24 (Dec 10 lows)


FxWirePro: USD/JPY gains above 160 level ahead of BOJ policy meeting
Sell the Bounce: NZDJPY Bearish Bias Persists Below 94.20, Eyes 90.50
FxWirePro- Woodies pivot (Major)
FxWirePro: GBP/AUD runs out of steam but maintains bullish outlook
FxWirePro- Major Pair levels and bias summary
FxWirePro: GBP/USD range-bound as Iran uncertainty keeps traders cautious
Peace Dividend Powers NZDJPY Past 93.50 — Bulls Set Sights on 96.15 Target
FxWirePro: AUD/ USD strongly bearish despite upside attempts
FxWirePro: GBP/NZD stuck in range but outlook is bullish
Geopolitical Easing Fuels AUDJPY Rally Toward 115 — Buy Dips at 113
Relief Rally Extends to 112.75, but AUDJPY EMA Structure Favors Selling
FxWirePro: EUR/ NZD uptrend loses steam, remains on bullish path
FxWirePro: USD/ CNY falls towards 6.750, bears keep the advantage
FxWirePro: USD/CAD steadies around 1.3990 ,retains bid one 



