FXStreet (Mumbai) - The JPY is once again under selling pressure in early Europe, pushing the USD/JPY pair to a session high of 123.33 levels. Eyes key fib level The pair is eyeing 123.55 (76.4% of 125.856-116.082). The Yen is taking a beating even though the Asian stocks declined, while the European equity futures are also pointing to a weak opening. Moreover, the Yen was one of the major losers in Europe yesterday, despite USD witnessing correction against other majors. The Yen may witness a comeback as it did in the NY session yesterday in case the European stock markets suffer losses. USD/JPY Technical Levels The spot could extend gains to 124.00-124.47 (July 21 high), in case it manages to break convincingly above 123.55 (76.4% of 125.856-116.08). On the other side, a failure to rise above 123.55 would open doors for a re-test of 123.01 (July 27 low) and 122.12 (61.8% of 125.856-116.08). For more information, read our latest forex news.