FXStreet (Mumbai) - The Japanese yen snaps losses and extends gains against its American rival in the mid-Asian session, with USD/JPY breaching key support near 123.10 region. USD/JPY on its way to hourly 200-SMA Currently, the USD/JPY pair trades -0.24% lower at fresh session lows of 123.09, extending the slide from 123.30 levels. The major corrected lower and fell further into the red zone after dismal Chinese trade data refuelled concerns over the health of China’s economy. Exports declined more than previous, coming at -3.7% against a -2.9% drop expected. Thus, a renewed bout of risk-aversion hit Asia, boosting the demand for safe-havens such as the yen. Moreover, the yen remains on the bids as markets continue to cheer stronger than expected Japan’s GDP data. The Japanese economy recorded an expansion of 1.0% y/y in Q3, beating the first estimate of a 0.8% contraction. While sharp declines in the Asian markets also adds to the negative sentiment around USD/JPY. Nikkei drops over 1%, Australia’s S&P/ASX declines -0.76% while China A50 index plunges -1.50%. Looking ahead, the major will continue to get influenced by the risk-on/off sentiment prevailing in markets amid a light macro calendar for today. Besides, only JOLTS job openings from the US will be reported later in the NY session. USD/JPY Technical levels to watch The prices edge lower in early Asia and find the immediate support placed at 123/ 122.97 (1h 200-SMA) below which 122.78 (daily S3) would be tested. While to the top-side, the immediate resistance is now placed at daily pivot (123.30). A break above the last, the major could test 123.47/50 (Dec 7 High/ round number). For more information, read our latest forex news.