USD/JPY pares its loss in European session, good to sell on rallies

• RES 4: 123.65 (61.8 % retracement of 124.43 and 122.47)
  
  
• RES 3:123.28 (200 day HMA)
  
  
• RES2: 122.94 (55 day H EMA)
  
  
• RES 1 :122.5 0 (KiJun-Sen)
  
  

PRICE: 122.55 @ 10:12 GMT 

• 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)
  
  
• SUP 4 : 120.80
  
  

USD/JPY has made a low of 122.09 and recovered till 123.10 yesterday. Overall trend is weak as long as resistance 123.50 holds.

Intraday resistance is at 122.80 and break above will target 123.10/123.50.

Major intraday support - 122 break below confirms further weakness, a decline till 121.27 (161.8% of 122.47 and 124.36) is possible.

It is good to sell around 122.25-30 with SL around 122.80 for the TP of 121.25.