USD/JPY takes support near 122.40, good to sell on rallies

• RES 4: 125.84 (jun 5^th high)
  
  
• res 4 :124.50 (61.8% retarcement of 125.84 and 122.47)
  
  
• RES 3: 124.15 (Jun 11^th high)
  
  
• RES 1:123.60 (7 day H EMA)
  
  

PRICE: 123.64 @ 08:44  GMT 

• Sup 1 : 123.30 (200 day HMA)
  
  
• SUP 1 : 122.40 (Jun 10^th low)
  
  
• SUP 2: 122
  
  
• SUP 1 : 121.50 (61.8% retracement of 125.84 and 118.87)
  
  

USD/JPY drops sharply till 122.47 and recovered strongly till 123.80. Intraday trend is weak as long as 124.50 is intact

On the downside minor support is around 123.25 and break below 123.25 will target 122.45/121.54 (61.8% retracement of 125.84 and 118.88).

The pair's minor resistance is around 124.15 and break above will target 124.55/125 level.

Bearish invalidation only above 124.50

It is good to sell on rallies around 123.90-124 with SL of 124.55 for the TP of 122.40/121.60.