That appears to be strong resistance, and it looks like the cross is forming a double top pattern. That might send the price further lower. However, for now, the short-term momentum seems bullish.
If the mentioned resistance is taken out, further gains toward 123.00 could occur.
Alternatively, the support could be near previous lows of 121.80, and if not held, the short-term trend might change to bearish again.
It seems that the JPY crosses are no longer correlated to equities as the Yen is weakening today, while stocks are also down. Nevertheless, volatility in the FX pairs remains subdued and small stop-losses could be used for intraday trading.
