FXStreet (Guatemala) - USD/JPY penetrated the recent highs on the back of the FOMC minutes where members conveyed that December rate hike might be appropriate. The knee jerk rally reached a high of 123.76 but quickly reversed and shed some 20 pips lower to where the price is currently oscillating, at time of writing. The market did not get anything more than what has already been priced in so there could be period of consolidation/downside here and a relief in equities while we switch over to the BoJ who will start their two day meeting. US data will continue to be the main focus otherwise. USD/JPY levels A break of 123.75 would be required in order to shift gears up towards the target of 125.00/28 and the August highs and profit taking/hedging territory could put a temp halt on such advances. To the downside, the 200 SMA on the hourly come sin at 123.37 while the key supports come at 123.00, 122.75 and 121.90. Karen Jones, chief analyst at Commerzbank noted that the accelerated uptrend lies at 121.53 ahead of the 3 month support line at 119.02. "Key support remains 117.86 the 2012-2015 uptrend, while above here we are bullish." For more information, read our latest forex news.