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- USD/JPY has recovered from day's low by 122.15 in early Asia trade on Monday
- The pair is currently trading at 122.62 on the day covering up from a gap down open by 122.17
- Cloud base by 122.18 to offer strong support on the downside, with resistance likely at 122.86 (20 DMA)
- Option expiries for NY cut 121.35-40 (900M), 122.00 (515M), 123.00 (1.5BLN) to extend support
R1: 122.86 (20 DMA)
R2: 122.88 (Daily High Jul 7)
R3: 122.93 (Daily High Jul 6)
Support Levels:
S1: 122.37 (50 DMA)
S2: 122.18 (Cloud base)
S3: 122.08 (Tenkan Line)
