• 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

Resistance Levels:

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)