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USD/JPY trims gains as European stocks drop

FXStreet (Mumbai) - The USD/JPY pair off highs as the European stocks turned lower, but stays well in the positive territory above 123.00 levels.

Stuck in a range

The spot finds itself stuck in a range of 123.10-123.30 since the Asian session. The losses in the European stocks capped gains around 123.39 earlier today. However, the high probability of the December Fed rate hike kept the USD bid around 123.10 levels.

The pair could witness a break from the range depending on the action on the Wall Street. At the moment, the spot is trading around its hourly 50-MA at 123.24 levels.

USD/JPY Technical Levels

The immediate resistance is seen at 123.60 (previous day’s high), above which the pair could rise to 124.00 levels. On the other side, a failure to sustain above 123.24 (hourly 50-MA) could push the pair back to 123.00 levels.

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