USD/JPY overbought now in this ranging market with first support at 123.10/08 then 122.95/93. This could hold the downside but further losses target a buying opportunity at 122.70/65. Longs need stops below 122.50. Very strong support at 122.35/30 should hold the downside at this stage.
Strong resistance at 123.35/39 again today. Shorts need stops above 122.50. Be ready to buy a break above to target 123.67 November highs. A break above is a positive signal to target 123.77 then 123.96/99.