FXStreet (Guatemala) - USD/JPY is currently trading at 123.13 with a high of 123.20 and a low of 123.02. While there is a lack of drivers for the Yen in today's session, the worst intra day decline over the last few weeks on Wall Street came of overnight trade, although the Yen only managed a slight advance on the greenback overnight. USD/JPY is a little soft in Asia, but holds onto the 123 handle in the Tokyo open. Markets are beginning to price in a Fed hike in December and that leaves the upside in USD/JPY vulnerable, especially as Corporates look for attractive levels to hedge requirements before year end and ahead of the December FOMC meeting. USD/JPY levels Technically, the upside might be limited on continued failures below the 20 SMA on the hourly chart. The price needs break and close above the 78.6% retracement at 123.33 for scope to the 124 handle. To the downside, 122.80/00 is a key level of support and if broken exposes the 22nd October high of 121.47 and 200 DMA 121.17, a key area that Karen Jones, chief analyst at Commerzbank noted, “We look for dips lower to find initial support at 121.15 the accelerated uptrend ahead of the 3-month support line at 118.92. Key support remains 117.86 the 2012-2015 uptrend while above here we are bullish”. For more information, read our latest forex news.