USD/JPY faces resistance around 123.15, decline till 121.80 is possible

• RES 4 :125
  
  
• RES 3 : 124.50 (Jun 17^th high)
  
  
• RES 2: 123.65 (61.8 % retracement of 124.43 and 122.47)
  
  
• RES 1: 123.15 (20 day MA)
  
  

PRICE: 122.56 @ 10:40 GMT 

• SUP 1 :122.40 (Jun 18^th low)
  
  
• SUP 1: 122 (Jun 28^th low)
  
  
• SUP 2 : 121.50 (61.8% retracement of 125.84 and 118.87)
  
  
• SUP 3: 121.25 (161.8% retracement of 122.47 and 124.36)

USD/JPY has recovered till 122.91 from the low of 121.83 and overall trend is still weak as long as trend line resistance 123.50 holds.

On the down side minor support is around 122.40 any break below will target 121.85/121.30.

The pair's minor resistance is around 123.15 (20 day MA) and any indicative break above would extend gains till 123.50/123.80.

It is good to sell on rallies around 122.90 with SL around 123.50 for the TP of 121.85/121.25