FxWirePro: USD/JPY consolidates in narrow range, good to sell on rallies

• RES 4: 126.88 (161.8% retracement of 124.43 and 120.45)
  
  
• RES 3 : 125.85 (jun 5^th high)
  
  
• RES 2:125
  
  
• RES 1: 124.40 (Jun 24^th high)
  
  

PRICE: 123.67 @09:39 GMT 

• SUP 1 : 123.25( 200 day 4 HMA)
  
  
• SUP 2 :122.90 (Jul 14^th low)
  
  
• SUP 3: 122.40
  
  
• SUP 4: 121.98 (61.8% retracement of 120.40 and 124.44)
  
  

USD/JPY has declined till 123 yesterday and is currently trading at 123.42.

Any further bullishness can be seen only above 124.20 level.

On the lower side minor support are at 123.20 and any break below  will drag the pair further down till 122.90/122.40.

The pair's resistance is at 124.20 and above that will take the pair to next level at 124.50/125.

Indicators (4 hour chart)

CCI (50)- Sell

Ichimloku- buy

ADX - Sell

It is good to sell on rallies around 123.60-65 with SL around 124.20 for the TP of 122.90/122.45