FXStreet (Mumbai) - The USD/JPY popped to a high of 123.57 after the BOJ’s announcement of fresh easing, only to fall back to a fresh session low of 122.02. Trades around hourly 50-MA The cross now around the hourly 50-MA at 122.29 levels. An initial spike ran into offers around 123.55 (76.4% of 125.856-116.082). The net effect of the today’s announcement is that the BOJ’s balance sheet will not grow at JPY 83.09 trillion pace. However, the JPY is finding fresh bids due to which the pair challenged 122.00 levels. Even the Japanese index Nikkei is now trading with losses, which is supporting the Yen. USD/JPY Technical Levels The immediate resistance is seen at 122.87 (previous day’s high) above which the gains could be extended to 123.55 (76.4% of 125.856-116.082). A break higher would expose 124.48 (July 21 high). On the other hand, a break below 122.00 would expose 121.59 (200-DMA). For more information, read our latest forex news.