USD/JPY recovers from 123.75, good to buy at declines

• RES 4:126.20
  
  
• RES 3 : 125.79 (161.8% retracement of 121.83 and 115.55)
  
  
• RES2: 125.04 (Jun 2^nd high)
  
  
• RES 1: 124.70

PRICE: 124.80 @ 10:43 GMT 

• SUP 1: 124.48 (20 day HMA)
  
  
• SUP 2: 123.70 (Jun 2^nd low)
  
  
• SUP 3:123.40 (23.6% retracement of 118.32 and 125.04)
  
  
• SUP 4: 122.70 (May 27^th low)
  
  

USD/JPY has formed a double bottom around 123.75 and recovered from that level. Overall trend is bullish as long as support 123.50 holds.

On the downside any break below will drag the pair further down till 123.10/122.70.

The pair's is facing resistance around 124.70 and break above would extend gains till 125.05/125.60.

It is good to buy at declines around 124.50 with SL around 123.70 for the TP of 125.05/125.60.