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USD/JPY Buyers in control, jumps above 123

FXStreet (Mumbai) - USD/JPY surpassed the stiff resistance near the hourly 200-SMA then placed at 122.85 and stormed its way higher through 123 handle.

USD/JPY rises to a new five-day high

Currently, the USD/JPY pair rises 0.20% to fresh five-day highs of 123.05, extending gains from 122.80 levels. The USD/JPY pair jumped higher after the USD bulls received fresh impetus from the rising US treasury yields amid an imminent Dec Fed rate hike. The shorter duration treasury yields, 2-year one, climbed to fresh five and a half year high at 0.950, recording a 2.61% gain on the day.

As a result, the greenback reverted to multi-month highs against its major competitors, with the DXY hiking 0.21% to 100.26. Moreover, improving risk-sentiment on the back of rebound seen in the European stocks also diminished the bids for the safe-haven – JPY.

Looking ahead, the major will continue to track the USD moves ahead of the pending home sales and Chicago PMI data due later today for fresh cues.

USD/JPY Technical levels to watch

The prices trade firmer and find the immediate resistance at 123.09 (Nov 12 High). A break above the last, the major could test 123.28 (Nov 23 High). While to the downside, the immediate support is placed at 122.20 (Nov 16 Low) below which 121.75 (200-DMA) would be tested.

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