USD/JPY breaks major support 123, targets 122.40/121.50

• RES 4: 124.15 (Jun 11^th high)
  
  
• RES 4:123.68 (200 day HMA)
  
  
• RES 3 : 123.32 (Jun 10^th high)
  
  
• RES1: 122.82 (7 day H EMA)
  
  

PRICE: 122.65 @ 11:01 GMT 

• SUP 1 : 122.40 (Jun 10^th low)
  
  
• SUP 2: 122
  
  
• SUP 1 : 121.25 (61.8% retracement of 125.84 and 118.87)
  
  
• SUP 2: 120.80
  
  

USD/JPY has retreated after making a high of 124.43. Short term trend is weak as long as resistance 123.70 holds.

The minor resistance are 123.30/123.80/124.15.

Overall reversal only above 124.55 (61.8% retracement of 125.84 and 122.45).

On the downside major support is around 122.35 and break below will drag the pair to next target 122.05/121.30.

It is good to sell on rallies around 123 with SL around 123.70 for the TP of 122/121.30.