FxWirePro: USD/JPY faces strong resistance around 121.30, good to sell on rallies

• RES 4: 121.72 (28^TH AUG HIGH)
  
  
• RES 3:121.30 ( SEP 10^TH HIGH)
  
  
• RES 2: 121.06 (200 day 4 hma)
  
  
• RES 1: 120.51 (7 day 4 H EMA)
  
  

PRICE: 120.11@11:28 GMT 

• SUP 1: 119.50 (38.2% retracement of 116.07 and 121.72)
  
  
• SUP 2: 119.20 (Sep 24^th 2015)
  
  
• SUP 3: 118.80 (Aug 9^th low)
  
  
• SUP 4: 118.50 (Sep 4^th 2015)

USD/JPY is facing minor channel support around 120.05 and any break below confirms intraday weakness, a decline till 119.20 is possible.

Intraday bullishness only above 120.35 level.

Any break above 120.35 will take the pair till 120.70/121/121.30.

On the downside minor support is around 119.80 and break below targets 119.50/119.20.

It is good to sell below 120.35-40 with SL around 121 for TP of 119.25