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USDJPY close below 21-DMA undercuts uptrend,122.97 likely pivot

FX:USDJPY   U.S. Dollar/Japanese Yen
174 0 4
USD/JPY             broke below 21 DMA in yesterday's trade, falling to as low as 122.30. The pair ran through fresh bids near the mid-point of the 122 handle at Tokyo start.

Recovery extended to 122.85, but selling pressure weighed, bringing the pair lower. USD/JPY             is now attempting a tepid bounce towards hourly 10-SMA located at 122.69.

USD/JPY             gently bid, pre-weekend. Gotobi, Japanese importer settlement demand also falls on a Saturday. Flat daily Ichi tenkan at 122.97 likely near-term pivot .

Immediate resistance is now located at 122.78 (10 DMA) and further ahead at 122.90 21 DMA. Strong support lies at 122.30, breaks below could see the pair at 121.56 levels.

A December U.S. rate hike seems almost certain, barring any shocks in today's non-farm payrolls report

Resistance Levels:

R1: 122.78 (10 DMA)

R2: 122.90 (21 DMA)

R3: 122.96 (Daily Tenkan-Sen)

Support Levels:

S1: 122.40 (23.6 % Fibo of 118.05 - 123.75 rise)

S2: 122.30 ( Double bottom Nov 24, 27)

S3: 122.26 (Daily Low Nov 25)
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