The US dollar spiked to daily highs above the 123 mark against the yen as the knee-jerk reaction to strong nonfarm payrolls but failed to sustain gains and pulled back to pre-data levels. USD/JPY reached a high of 123.36 but retreated to the 122.90 zone soon after, where it trades still 0.25% above its opening price. While a solid employment report paves the way for the Fed to raise rates at its next meeting, most of those expectations have been priced in. USD/JPY technical levels As for technical levels, next resistances are seen at 123.36 (Dec 4 high), 123.74 (Nov 18 high), 124.15 (Aug 20 high) and 124.45 (Aug 19 high). On the other hand, supports could be faced at 122.20 (Nov 16 low), 121.73 (100-day SMA) and 121.53 (200-day SMA).