FXStreet (Mumbai) - A spike in the EUR/USD pair following ECB’s rate deposit rate cut triggered a broad based wave of USD selling, which pushed the USD/JPY pair lower to 123.20. Back above hourly 50-MA The pair fell to a low of 123.09, before recovering back above its hourly 50-MA at 123.18. The ECB cut deposit rates by 10 bps as expected and that led to a bout of profit taking in the EUR shorts, resulting in a broad based USD weakness. The immediate focus is now on the US weekly jobless claims data. Later in the day, Yellen could reiterate why the bank thinks the liftoff is desirable. USD/JPY Technical Levels The immediate support is seen at 12306 (hourly 100-MA), under which the pair could drop to 122.85 (hourly 200-MA). On the higher side, 123.56 (daily high) could act as resistance, which, if taken out could open doors for a re-test of 124.00 levels. For more information, read our latest forex news.