FXStreet (Guatemala) - USD/JPY is currently trading at 123.11 with a high of 123.44 and a low of 123.02. USD/JPY is testing the downside of the 123 handle while corporates are concerned for the implications of a Fed hike this year as we approach year end final preparations in the corporate sector. We are also in hedging territory for exporters keeping a lid on the pair that has rallied into a new range of late. USD/JPY levels Technically, we are back below the 123.20 resistance and bearish indicators point towards a break below the 123 handle of continued failure targeting 122.44 S2. On a continuation, the trend line drawn off the multi-year high set in June JPY125.85 and the August high JPY125.30 is the target. However, while the dollar's 50-day moving average moved below the 200-day average in October for the first time since the end of Q3 2014, this signals we are perhaps stuck in a new tight range for the foreseeable future in USD/JPY. For more information, read our latest forex news.