FxWirePro: USD/JPY pares losses in European session, good to sell on rallies

• Res 4 :124.50 (61.8% retarcement of 125.84 and 122.47)
  
  
• RES 3: 124.15 (Jun 11^th high)
  
  
• RES 2: 123.65 (61.8 % retracement of 124.43 and 122.47)
  
  
• RES 1:123.40 (200 day HMA)
  
  

PRICE: 122.83 @ 09:23 GMT 

• SUP 1 : 122.40 (Jun 10^th low)
  
  
• SUP 2: 122 (Jun 28^th low)
  
  
• SUP 1 : 121.50 (61.8% retracement of 125.84 and 118.87)
  
  
• SUP 4: 121
  
  

USD/JPY has made a low of 1220.09 and recovered from that level. Overall trend is bearish as long as short term resistance 123.50 holds.

Break above that level will target 124/124.40 in short term.

It is good to sell at 123.10-15 with SL around 123.51 for the TP 122.10/121.30