USD/JPY trades well above shorter resistance 123, jump till 125 is possible

• RES 4 : 125.85 (jun 5^th high)
  
  
• RES 3:125
  
  
• RES 2: 124.36 (Jun 24^th high)
  
  
• RES 1 : 123.71 (2^nd jul high)
  
  

PRICE: 123.32 @ 11:14 GMT 

• SUP 1 : 123.30 ( 200 day 4 HMA)
  
  
• SUP 1: 122.75 (7 day 4 HEMA)
  
  
• SUP 2 :122.40 (55 day 4 H EMA)
  
  
• SUP 3: 121.80 (20 day 4 HMA)
  
  

USD/JPY is trading higher as  Euro summit has unanimously reached agreement on Greece. In Euro Summit all ready to go for ESM programme for Greece with serious reforms and financial support.

Technically USD/JPY has broken major resistance at 123 and any break above would extend gains till 124.40/125 in short term.

On the downside short term weakness can be seen only below 122.40 and break below will drag the pair further down till 121.80/121.

Bullish invalidation only below 120.30.

It is good to buy at dips around 123 with SL around 122.40 for the TP of 124.40/125.