FxWirePro: USD/JPY pares losses in European session, 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: 123.77 @10:42GMT 

• SUP 1 : 123.30( 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)
  
  

Intraday trend - Bearish

Short term trend - Bullish

USD/JPY has broken short term support 123.80 which confirms short term weakness, a decline till 122.90 cannot be ruled out.

On the downside minor support is around 123.60 and break below targets 123.30/122.90.

It will be facing resistance around 124.10 and break above would extend gains till 124.50/125.

Bullish invalidation only below 122.90 (Jul 14^th low)

It is good to sell on rallies around 124 with SL around 124.50 for the TP of 122.90.