FxWirePro: USD/JPY faces strong resistance around 124.50, good to sell on rallies

• res 4 :124.50 (61.8% retarcement of 125.84 and 122.47)
  
  
• RES 3: 124.15 (Jun 11^th high)
  
  
• RES 2: 123.65 (61.8 % retracement of 124.43 and 122.47)
  
  
• RES 1:123.42 (200 day HMA)
  
  

PRICE: 123.40 @ 08:57 GMT 

• Sup 1 : 123.17 (61.8% retracement of )
  
  
• SUP 1 : 122.40 (Jun 10^th low)
  
  
• SUP 2: 122
  
  
• SUP 1 : 121.50 (61.8% retracement of 125.84 and 118.87)
  
  

USD/JPY has once again retreated after making a high of 124.36. The pair has formed a temporary top around 124.50 and any further upside can be seen only above this level.

The minor resistance is around 123.90 (20 day HMA) and break above would take the pair till 124.36/124.50.

Break below 123.40 confirms extreme weakness and takes to next target at 122.45.

It is good to sell around 123.60 with SL around 123.91 for the TP of 122.55.