FXStreet (Mumbai) - The USD/JPY pair finds it difficult to surpass last Tuesday’s high at 123.45 and hovers in familiar range below the last since mid-Asia. USD/JPY bidding up for next leg higher Currently, the USD/JPY pair trades 0.16% higher at 123.38, hovering close to fresh session highs reached at 123.43 an hour ago. The rebounding risk-sentiment across the financial markets continues to favour the risk-currency - the US dollar, and thus, keeps USD/JPY in highs around 123.40 levels. Focus now shifts towards the US CPI data due later in the NY session amid lack of fresh incentives during the European hours. Markets are expecting the US consumer prices to rebound 0.2% in Oct versus a -0.2% decline previously. While the core figures are expected to remain steady at 0.2%. Later this week, Wednesday’s FOMC minutes could drive the major towards 124 barrier, as markets have almost priced-in a Dec Fed rate hike. While Thursday’s BOJ policy decision will be closely watched for any easing bias by the Japanese central bank. USD/JPY Technical levels to watch The prices trades firmer above 123 handle and now head towards 123.45/50 (Nov 10 High/ psychological levels). A break above the last, the major could test 123.61 (Nov 9 High). To the downside, the immediate support in sight at 122.97 (daily pivot/ 10-DMA) below which 122.87/84 (1h 100-SMA/ 5-DMA) would be tested. A break below the last, 122.61 (daily S1) comes into the picture. For more information, read our latest forex news.