FXStreet (Mumbai) - The USD/JPY is having a tough time rising above the 10-DMA located at 122.79 due to the sharp losses in the European equity markets. Eyeing hourly 200-MA The pair is eyeing the hourly 200-MA 122.83, after having been rejected at the same in the NY session. The fall in the European equities is restricting the losses in the safe haven Yen. However, the EUR/USD remains at the centre stage of the FX markets and hence losses in the EUR/USD is ensuring the USD/JPY pair stays positive. Ahead in the day, the US non-farm payrolls could shift focus from the EUR/USD pair to Fed rate hike bets. USD/JPY Technical Levels The immediate resistance is seen at (hourly 200-MA), above which gains could be extended to 123.05 (hourly 100-MA) and 123.08 (hourly 50-MA). On the other side, a break below 122.12 (61.8% of 125.856-116.082) would expose 121.73 (100-DMA). For more information, read our latest forex news.