USD/JPY faces strong support at 122.40, further weakness only below that level

• RES 4: 124.15 (Jun 11^th high)
  
  
• RES 4:123.50 (200 day HMA)
  
  
• RES 3 : 123.32 (Jun 10^th high)
  
  
• RES1: 123.05 (7 day H EMA)
  
  

PRICE: 123.10 @ 09:30 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 drops sharply till 122.47 but stays above 122.45 (Jun 10^th low) and any short term weakness only below 122.40 level.

Below 122.40 will target 121.54 (61.8% retracement of 125.84 and 118.88).

On the upside minor resistance is around 123.50 and break above will target 124.15/124.50 level.

It is good to buy at dips around 122.90-95 with SL of 122.40 for the TP of 124.15/124.50.