The USD/JPY pair bounced from its strong support zone which is mentioned below. Although, this was not a fresh zone but the move from this zone has been very hefty. The price has crossed the 50day (shown in red) and the 100 day (shown in yellow) moving averages and this confirms that the power has shifted from bears to bulls. Having said that, the price is still trading below the downward trend line and as long as the price is trading below this trend line, the trend remains towards the downside.
The RSI indicator is trading in an overbought zone which means caution should be taken when trading this pair towards the upside however, the MACD indicator is reflecting that the upward momentum is strong.
118-.38-118-21 Support Zone
120-.16-120.01 Minor Resistance Zone
121.19-121.06 Major Resistance Zone