FXStreet (Mumbai) - The USD/JPY pair hit a session high of 123.43 levels as the demand for JPY failed to catch fire despite the losses in the US stocks. USD bulls are back The US dollar bulls made a comeback in the US session as the markets began pricing-in a December Fed rate hike. Even the stock markets in the US took a dip on account of increased the odds of Fed tightening. Consequently, the safe haven JPY bids are nowhere to be seen. The USD rally could continue during the day ahead as the economic calendar is empty. At the moment, the pair is trading around 123.40 levels. USD/JPY Technical Levels The immediate resistance is seen at 123.60 (previous day’s high), above which the pair could rise to 124.00 levels. On the other side, a failure to sustain above 123.26 (hourly 50-MA) could push the pair back to 123.00 levels. For more information, read our latest forex news.