FXStreet (Mumbai) - The USD/JPY extended the drop amid holiday thinned volumes in Europe to hit a seven-week low of 120.30 levels. Weekly loss a done deal The pair trading well below its weekly opening price of 121.10. The pair was offered earlier this week after it failed to sustain above the weekly 50-MA at 121.11 levels. The USD has come under pressure against the Yen as the financial markets turned somewhat risk averse following the Fed’s 25 basis point rate hike on Dec 17th. The sharp fall in oil prices also triggered a flight to safety. Meanwhile, the drop witnessed today could be attributed to the unwinding of the overcrowded USD long trade. USD/JPY Technical Levels The immediate support is seen at 119.82 (38.2% of 125.856-116.082) under which the pair could target 119.25 (Sep 29 low). On the other hand, a break above 120.97 (50% of 1285.856-116.082) would expose 200-DMA at 121.59 levels. For more information, read our latest forex news.