• USD/JPY pares early gains and trades almost unchanged in the mid-Asian session
  
  
• The major hovers around 123.50 levels as the US dollar seems to consolidate from its recent risk-on sentiment led upsurge
  
  
• There wasn't much new for markets to digest overnight since the Greek agreement late yesterday
  
  
• The US dollar index gained around 1% overnight, reflecting the risk averse tone in currency markets 
  
  
• Decent resistance seen at 123.75-78, slide could extend to the Cloud top at 123.25 initially; Kijun & 21-DMA thereafter
  
  
• In the US data docket today we get the NFIB small business confidence survey, and then benchmark retail sales. Expectations are for some moderation of the very strong retail sales gains in May

Resistance Levels:

R1: 123.75 (Daily High Jul 2)

R2: 123.78 (61.8% Fibo 125.86-120.41)

R3: 124.38 (Daily High Jun 24)

Support Levels:

S1: 121.95 (Session Low Jul 13)

S2: 121.45 (30-Day Lower Bollinger)

S3: 121.27 (Daily Low Jul 10)