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USD/JPY regains 123, will buyers retain control?

FXStreet (Mumbai) - A renewed bout of buying interest seen around the USD pushed the USD/JPY pair back above 123 handle in the mid-Asian session.

USD/JPY back above all major DMAs

Currently, the USD/JPY pair trades 0.14% higher at fresh session highs of 123.07, jumping-off strong support near 122.80, confluence of hourly 100 & 200-SMA. The bulls finally conquered the 123 barrier as the US dollar staged a minor recovery across the board after the yesterday’s slide. The USD index rises 0.08% to 99.95 levels.

Moreover, the dollar-yen pair shrugged of the mixed sentiment on the Asian equities and remains supported amid lack of fresh fundamental triggers this session. Nikkei drops -0.21% and trades near 19,970. While Australia’s S&P/ASX pared losses and trades marginally lower at 5,260. China’s Shanghai Composite gains 0.35% to 3,468 points.

In the day ahead, the major will be influenced by the US ADP jobs report followed by Fed Chair Yellen’s speech, which is expected to hog the limelight.

USD/JPY Technical levels to watch

The prices remain slightly bid and find the immediate resistance at 123.29 (Dec 1 High). A break above the last, the major could test 123.64 (Nov 19 High). While to the downside, the immediate support is placed at 122.81/79 (1h 100 & 200-SMA) below which 122.62 (Dec 1 Low) would be tested.

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