USD/JPY trades well above ichimoku, further weakness only below 123

• RES 4: 125.84 (Jun 5^th high)
  
  
• RES 3 :125
  
  
• RES 2 : 124.50 (Jun 17^th high)
  
  
• RES 1: 123.65 (61.8 % retracement of 124.43 and 122.47)
  
  

PRICE: 123.43 @ 10:02 GMT 

• SUP 1 :123.40 (7 day H EMA)
  
  
• 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)

USD/JPY jumped till 123.45 and is currently trading at 123.37. Overall trend is bullish and further short term weakness can be seen only below 123

The pair's short term resistance is around 123.50 (20 day MA) and break above would extend gains till 124.15/124.40.

On the downside any break below 123 will drag the pair further down till 122.70/122.40/122.

It is good to buy around 123.35-40 with SL around 123 for the TP of 124.15/124.40.