USD/JPY advances further near 123.50

By FXStreet FXStreet (Edinburgh) – The greenback continues to appreciate vs. its Japanese counterpart on Monday, pushing USD/JPY to fresh highs around the mid-123.00s.

USD/JPY bolstered by USD-momentum

The pair is printing 3-month tops despite the greenback seems to be taking a breather following the strong gains post-Non-farm Payrolls during October (271K).

With US Treasuries bolstering the up move and market expectations of a Fed’s lift-off in December on the rise, the pair is expected to extend the current upside, as the divergence gap in monetary policy between the Fed and the BoJ appears to be widening.

USD/JPY levels to consider

At the moment the pair is advancing 0.23% at 123.48 with the next hurdle at 124.58 (high Jul.30) ahead of 125.29 (high Aug.12) and finally 125.86 (2015 high Jun.5). On the other hand, a breach of 121.77 (100-day sma) would aim for 120.87 (50% Fibo of 125.28-116.46) and then 119.84 (55-day sma).
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Source:: FX Street