USD/JPY trade above short term resistance 122, good to buy at dips

• RES 4 : 123.71 (2^nd jul high)
  
  
• RES 3 : 123.03 (61.8% retracement of 125.84 and 121.30)
  
  
• RES 2: 122.92 (Jul 6^TH HIGH)
  
  
• RES 1: 122.36 (55 day 4 H EMA)
  
  

PRICE: 122.35 @ 10:53 GMT 

• SUP 1 : 121.78 ( 7 day 4 H EMA)
  
  
• SUP 1: 121.25 (161.8% retracement of 122.47 and 124.36)
  
  
• SUP 2 :121
  
  
• SUP 3: 120.60 (61.8% retracement of 115.55 and 125.84)
  
  

USD/JPY is trading higher due to improved sentiments in Asian equity markets. Chinese market is up over 5% and it has reclaimed 3900 level.

Technically USD/JPY is facing pschycological resistance at 122 and any break above would extend gains till 122.56/123 in short term.

On the downside intraday weakness can be seen only below 121.60 and break below will drag the pair further down till 121/120.40.

Bullish invalidation only below 120.30.

It is good to buy at dips around 121.90 with SL around 121.60 for the TP of 122.56/123.