USD/JPY faces major resistance around 124.15, good to sell on rallies

• RES 4:125
  
  
• RES 3 : 124.60 (Jun 10^th high)
  
  
• RES2: 124.09 (200 day HMA)
  
  
• RES 1: 123.60 (Trend line resistance)
  
  

PRICE: 123.51 @ 07:48 GMT 

• SUP 1 : 123.40 (20 day HMA)
  
  
• SUP 2: 123.10 (Jun 14^th low)
  
  
• SUP 1 : 122.70 (May 27^th low)
  
  
• SUP 2: 121.35 (200 day 4 HMA)
  
  

USD/JPY is trading in narrow range between 122.45 and 124.13 and further bullishness can be seen only above 124.15 level.

Any break above would extend gains till 125/125.84.

On the downside minor support is around 122.45 and break below will drag the pair further down till 121.50.

It is good to sell on rallies around 123.65 with SL around 124.15 for the TP of 122.50/121.60.