FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted the conditions surrounding USD/JPY. Key Quotes: "The American dollar extended its rally against its American counterpart up to a fresh 3-month high of 123.74 following the release of the FOMC Minutes of the October meeting, although the pair failed to sustain gains beyond 123.60, and trades a few pips below this last ahead of the Asian opening. The FED had a limited impact over US indexes, which pretty much is telling that stocks' traders have already priced in a December hike. Technically, the upside prevails in the short term, as in the 1 hour chart, the price is holding well above its 100 and 200 SMAs, both aiming higher around 123.00, while the technical indicators present bullish slopes in positive territory. In the 4 hours chart, the price is also far above its moving averages, but the technical indicators are beginning to look exhausted near overbought territory, supporting a downward corrective movement ahead, particularly on a break below 123.20, the immediate support." For more information, read our latest forex news.