USD/JPY declines from 13 year high, good to sell on rallies

• RES 4:127.55 (61.8% Projection of 118.90 to 125.04 from 123.74)
  
  
• RES 3 : 126.50
  
  
• RES2: 125.84 (161.8% retracement of 125.04 and 123.74)
  
  
• RES 1: 125.49 (20 day HMA)
  
  

PRICE: 125.33 @ 10:43 GMT 

• SUP 1: 125.28 (7 day H EMA)
  
  
  
• SUP 2: 124.74 (20 day HMA)
  
  
  
• SUP3: 124.25 (200 day HMA)
  
  
  
• SUP 4: 123.70 (Jun 2^nd low)
  
  

USD/JPY has broken major resistance and 125.04 and made a high of 125.84. It is currently trading at 125.44. It is overbought zone and is expected to show a decline till 124.50.

On the downside any break below would drag the pair further down till 123.50/123.10.

The pair reached high of 1258.84 (161.8% retracement of 125.04 and 123.74) and break above would extend gains till 126.50/127.

It is good to sell around 125.45-50 with SL around 125.90 for the TP of 124.60.