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FxWirePro- Woodies Pivot(Major) 
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Yen Storm Hits EURJPY: Crashes Below 181 – Sell the Bounce Intraday! Target 179.50 with Tight Stop Above 181.45 
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)
