USD/JPY breaks short term support 124.20, decline till 123.50 is possible

• RES 4:127.55 (61.8% Projection of 118.90 to 125.04 from 123.74)
  
  
• RES 3 : 126.50
  
  
• RES2: 125.84 (161.8% retracement of 125.04 and 123.74)
  
  
• RES 1: 125.49 (20 day HMA)
  
  

PRICE: 124.18 @ 10:43 GMT 

• SUP 1: 124.40 (200 day HMA)
  
  
• SUP 2: 123.70 (Jun 2^nd low)
  
  
• SUP 3: 123.10 (38.2% retracement of 118.87 and 125.84)
  
  
• SUP 4 : 122.70 (May 27^th low)
  
  

USD/JPY has broken short term support 125 and is trading well below that level. The major support is around 124.30 and any break below will drag the pair further down till 123.74/123.50.

On the upside minor resistance is around 125 any break above would extend gains till 125.60/125.85.

It is good sell on rallies around 124.55-60 with SL around 125.05 for the TP of 123.75.