Possible Scenarios: A break above the psychological levels of 123.000 would lead to a retest of the recent highs of 123.800. Further gains may lead above the 124.000 area. Alternatively, a break below the demand level of 122.700 could potentially drive the price to the potential supports of 122.300 – 122.000.

Comments: Dollar–Yen remained relatively strong on Friday with growing expectations for a December rate hike keeping the price around 123.000 levels. We don’t expect much volatility today due to lack of announcements for both countries.