FXStreet (Córdoba) - USD/JPY continued to rise late in the US session and printed a fresh daily high at 122.86, the strongest level since December 9. A rally of the US dollar in the market boosted the pair, that is about to end 0.60% higher versus the yen. Earlier on the week it bottomed at 120.30 (1-month low) but then turned to the upside and today is rising for the third day in a row. Since the Federal Reserve decision to raise interest rates it climbed more than a hundred pips. USD/JPY technical outlook “In the 4 hours chart, the price has advanced above its moving averages for the first time in over a week, while the RSI indicator heads strongly higher near overbought levels and the Momentum indicator hovers also near overbought territory”, said Valeria Bednarik, Chief Analyst at FXStreet. The pair holds a bullish tone in the short-term and is moving toward a key resistance area located around 123.70 that capped the upside during November and December; above it could open the doors to more gains, but before it needs to break 123.00/10. On the downside, below 122.20 the US dollar could lose momentum. ------- What will 2016 bring to the Forex traders? Attend our Forex Forecast 2016 - The Panel with Ashraf Laidi, Valeria Bednarik, Boris Schlossberg, Adam Button, Ivan Delgado and Dale Pinkert. Register for the live event on Dec. 18th and get the recording too. ------- For more information, read our latest forex news.