USD/JPY faces support around 121.80, break below targets 120

USD/JPY has recovered once again after making a low of 121.88. Overall trend is weak as long as resistance 122.70 holds.

Any break above 122.70 would extend gains till 123.15/123.50 in short term.

On the downside minor support is around 121.80 and break below will drag the pair further down till 121.25/120 in short term.

It is good to sell on rallies around 122.30 with SL around 122.70 for the TP of 121.25/120.