FXStreet (Mumbai) - Having failed near the mid-point of the 123 handle, USD/JPY hovers near the lower band of the previous trading range with the JPY bulls fight back control following the release of upbeat final GDP report. USD/JPY eyes hourly 100-SMA support Currently, the USD/JPY pair trades -0.08% lower at 123.25, and heads towards the key support at 123.10 region, confluence of previous low and hourly 100-SMA. The major ran through fresh offers at Tokyo open as the Japanese currency received fresh impetus from above estimates Japan’s GDP numbers, which revealed that the country avoided recession in the third quarter. Japan’s GDP growth for the third quarter was revised up from -0.2% to 0.3%, coming in better than the market forecast of a 0.1% increase in production. The economy recorded an expansion of 1.0% y/y in Q3, beating the first estimate of a 0.8% contraction. Moreover, the yen remains in demand against its US counterpart amid losses in the European and US stocks tracking negative oil prices. Oil prices fell to nearly seven-year lows on Monday, extending the rout after OPEC refrained from production cut at its Friday’s meeting. Looking ahead, markets now await China’s trade balance data amid a data-quiet macro calendar for today. While US JOLTS job openings will be reported later in the NY session. USD/JPY Technical levels to watch The prices edge lower in early Asia and find the immediate support placed at 123.12/13 (1h Dec 7 Low/ 100-SMA/ 5-DMA) below which 122.96 (1h 200-SMA) would be tested. While to the top-side, the immediate resistance is placed at 123.47/50 (Dec 7 High/ round number). A break above the last, the major could test 123.67 (Dec 2 High). For more information, read our latest forex news.