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USD/JPY takes out Friday’s high near 123.40

FXStreet (Mumbai) - A renewed bout of buying interest seen around the US dollar in last hours, drove USD/JPY to a new two-day high near 123.50 levels.

USD/JPY rises along with the USD

Currently, the USD/JPY pair trades 0.23% higher at 123.40, having surpassed Friday’s high and posted fresh daily highs at 123.44. The major found fresh bids at daily R1 located at 123.25 and jumped higher towards the mid-point of the 123 handle after the European stocks joined the global risk-on rally.

Moreover, the yen continues to lose ground as markets continue to digest the latest comments from BOJ Governor Kuroda and board member Sato delivered earlier on the day.

While the US dollar is expected to remain bid in the day ahead amid positive US NFP report and also as Dec Fed hike is confirmed. Later this week, the US retail sales and consumer sentiment data will be closely watched for further USD moves.

USD/JPY Technical levels to watch

The prices trade firmer in Europe and find the immediate resistance at 123.50/58 (Dec 3 High/ round number). A break above the last, the major could test 123.67 (Dec 2 High). On the flip side, the immediate support placed at 123.07/123 (1h 100-SMA/ round number) below which 122.90 (1h 200-SMA) would be tested.

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