USD/JPY faces resistance around 123.80, decline till 122 is possible

• RES 4: 125.84 (Jun 5^th high)
  
  
• RES 3 :125
  
  
• RES 2 : 124.50 (Jun 17^th high)
  
  
• RES 1: 123.65 (61.8 % retracement of 124.43 and 122.47)
  
  

PRICE: 122.90 @ 10:31 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 made a high of 123.70 and declined from that level. It struggles to close above 20 day MA and any close above confirms short term bullishness, a jump till 124.40/125 is possible.

On the downside minor support is around 122.75 (50% retracement of 123.70 and 121.97) and nay break below will drag the pair further down till 122.40/121.97.

It is good to sell on rallies around 123.30-35 with SL around 123.80 for the TP of 122.