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USD/JPY: Bulls finally conquer 123 handle

FXStreet (Mumbai) - The bid tone around the USD/JPY pair keeps growing bigger in the mid-Asian trades, finally taking the prices through 123 handle.

USD/JPY extends beyond hourly 100-SMA

Currently, the USD/JPY pair trades 0.32% higher at fresh two-day highs of 123.03, finally surpassing 123 handle. The relentless rise seen in the US dollar against its major competitors boosted further upside in the USD/JPY pair.

The major found fresh bids near the hourly 100-SMA located at 122.87 levels and extended to the upside, as the safe-haven demand for the yen took a hit after the European stocks rebounded higher, reacting calmly to Paris terror attack.

While the yen was also weighed down by poor economic news from Japan, which revealed that the Japanese economy slipped back in a technical recession.

Markets now await the US open for further cues on the pair ahead of the US Empire State manufacturing data lined up for release later in the NY session.

USD/JPY Technical levels to watch

The prices regained 123 handle and now head towards 123.45/50 (Nov 10 High/ psychological levels). A break above the last, the major could test 123.61 (Nov 9 High). To the downside, the immediate support in sight at 122.87 (1h 100-SMA) below which 122.23 (Today’s Low) would be tested. A break below the last, 122 (round number) comes into the picture.

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