FXStreet (Mumbai) - The broad based USD strength in the European session pushed the USD/JPY pair into the positive territory and on track towards 121.00 handle. Trades above weekly 50-MA The pair is trading above its weekly 50-MA located at 120.74. The broad based USD strength appears to have been triggered by Fed rate outlook. Consensus seems to be building in the markets that Fed shall raise rates in December; even if it is a baby step of 10-12 basis points. The US desks may join the party and push the USD higher. The bid tone may gather pace in case ECB’s Draghi drives down the EUR/USD through his speech due later today. USD/JPY Technical Levels The immediate resistance is seen at 121.00, followed by a major hurdle at 121.50 (last week’s high). On the other side, a break below 120.74 (weekly 50-MA) would expose 120.23 (weekly low) and 120.00 levels. For more information, read our latest forex news.