USD/JPY is trading higher after hawkish FOMC minutes, jump till 122 is possible

•  RES 4: 123
  
  
• RES 3: 122.01 (Mar 10^th high)
  
  
•  RES 2: 121.20 (20^th  Mar high)
  
  
•  RES 1: 120.43 (7^th Apr high)      
  
  PRICE: 120.21 @ 5:09 GMT 
  
  
• SUP 1: 120.02 (Tenken-Sen)
  
  
• SUP 2: 119.50 (Kijun-Sen)
  
  
• SUP 3: 116.85 (Mar 2^nd low)
  
  
• SUP 4: 115.55 (Dec 16^th high)

COMMENTARY:

USD/JPY has recovered after making a low of 119.57 after release of hawkish FOMC minutes meeting. Fed officials divided on a Jun rate lift -off . A large majority of Fed officials see rate hike coming in late 2015.

On the upside minor resistance is around 120.50 and any break above would extend gains till 121.18/122.01.

It is good to buy around 120 for the target of 121.18/122 with stop around 119.50.