USD/JPY approaches November highs

By FXStreet FXStreet (Córdoba) – USD/JPY has moved slightly higher at the beginning of the American session, posting fresh highs for the day as the dollar remains supported by increasing expectations the Fed will raise rates at its next meeting.

USD/JPY managed to rise beyond its European session peak and climbed to 123.47, its highest level since Nov 9, when the pair reached a 2 ½-month high of 123.59 on the back of a strong nonfarm payrolls reading. At time of writing, USD/JPY is trading at 123.43, up 0.22% on the day.

USD/JPY levels to watch

As for technical levels, immediate resistances are seen at 123.47 (Nov 17 high), 123.59 (Nov 9 high) followed by 124.56 (Aug 17 high). On the other hand, supports could be faced at 122.72 (10-day SMA), 122.21 (Nov 16 low) and 121.73 (20- and 100-day SMAs crossover).
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Source:: FX Street