USD/JPY surrendered completely its early gains and completed a round trip to the 114.25 area, still unable to consolidate above the 114.00 level. USD/JPY reached an intraday high of 114.26 before turning back south, accelerating the retreat after the release of mixed US data. The dollar hit a daily low of 113.29 and it was last trading around 113.50, virtually unchanged on the day. In the absence of surprises, FX market could enter a consolidation phase ahead of the US nonfarm payrolls report, which is expected to show a 190K job gain in february. USD/JPY levels to watch In terms of technical levels, immediate supports could be found at 113.04/00 (10-day SMA/psychological level), 112.15 (Mar 1 low) ahead of key 111.03/110.97 (Feb 24 low/2016 low Feb 11). On the flip side, resistances are seen at 114.54 (Mar 2 high), 114.86 (Feb 16 high), 115.05 (38.2% Fibo of 121.68/110.97 decline) and 115.84 (Feb 9 high). For more information, read our latest forex news.