USD/JPY is retreating from higher levels, good to buy at declines

• RES4: 124.13 (2007 High)
  
  
• RES3:123.41 (138.2% retracement of 122.01 and 118.32)
  
  
• RES2: 122.05 (Mar 3^rd high)
  
  
• RES1 121.49 (161.8% retracement of 120.49 and 118.87)
  
  

PRICE: 121.47 @ 10:42 GMT 

• SUP1: 120.89 (cloud top)
  
  
• SUP2: 120.26 (200 day HMA)
  
  
• SUP 3: 119.50

• SUP 4 118.87 (May 14^th High)

USD/JPY has made a high of 121.75 and slightly retreated from that level. Overall trend is bullish as long as support 120.50 holds

On the downside below 120.50 it can reach till 119.80/119.50 in short term.

It is good to buy at dips around 121.30 with stop around 120.48 for the target of 123.40/124.10.