FXStreet (Córdoba) - The dollar is facing renewed selling pressure which has made the currency to set fresh session lows versus most counterparts in a volatile session just two days ahead of the widely expected Fed meeting. USD/JPY broke below the 120.60 support zone and extended losses to a fresh low of 120.33, last seen Nov 2. At time of writing, the pair is trading at 120.40, posting a 0.37% daily loss, with next downside targets seen at 120.24 (Nov 2 low) and 120.00 (psychological level). On the other hand, resistances in case of bounces could be found at 121.60/61 (50- 200- and 100-day SMAs), the 122.25/30 area (former support zone) and then 123.00 (psychological level). ------- What will 2016 bring to the Forex traders? Attend our Forex Forecast 2016 - The Panel with Ashraf Laidi, Valeria Bednarik, Boris Schlossberg, Adam Button, Ivan Delgado and Dale Pinkert. Register for the live event on Dec. 18th and get the recording too. ------- For more information, read our latest forex news.