USD/JPY is going through a consolidation phase Monday, consolidating above the 120 mark unable to set a clear short term direction amid low trading volume. USD/JPY has spent the last trading sessions rangebound within 120.00-121.00 as the pair regained the upside after staging a correction from a 7-year high of 121.83 to a 1-month low of 115.55. At time of writing, USD/JPY is trading at 120.47, 0.11% above its opening price.
Data-wise, only the Dallas Fed Manufacturing Business Index is due today at 15:30 GMT. Meanwhile, liquidity is expected to remain low but year-end positioning should not be ruled out. USD/JPY technical levelsAs for technical levels, immediate resistances are seen at 121.00 (psychological level) and 121.83 (2014 high Dec 8). On the flip side, supports could be found at 120.14 (Dec 26 low), 119.95 (Dec 23 low) and 119.30 (Dec 22 low).