FXStreet (Guatemala) - USD/JPY is currently trading at 122.82 with a high of 123.23 and a low of 122.78. USD/JPY's downside is playing out having penetrated the 123 handle and is testing the 133.80 supporting area and lowest levels since the break out on the recent and December lift-off type of Nonfarm Payrolls data the optimists had been waiting for. However, as witnessed time and time again, lofty levels in the major are an exporter's dream and corporate hedging selling forward while US interest rates are likely to go up is a favourable scenario at this juncture. Meanwhile, the market will remain with such sentiment and monitor the key data releases ahead of the final Fed decision in December. Analysts at UOB Group noted that on 3 December when FOMC Chair Janet Yellen will first deliver a speech to the Economic Club of Washington and then testifying before the congressional joint Economic Committee in an annual appearance to discuss economic outlook on the same day. Also, " The US November labor market report due on the 4th December. There may be some focus on the 2nd estimate for the 3Q 2015 GDP on 24 November but the 4Q GDP will not be available until next year, 29 Jan 2016." USD/JPY levels Technically, a follow through in the reversal will target 122.44 S2 and a correction would aim for the 121.80 200 SMA level on the hourly chart ahead of 121.06/20 being the 20 and 200 DMA's. The three-month support line at 118.97 could be critical and guards the 117.86 2012-15 uptrend. For more information, read our latest forex news.