FXStreet (Mumbai) - The USD/JPY pair spent European session trading in the sideways manner below 121.00 levels with eyes set on the US Q4 2015 preliminary GDP release. Moderate risk-on, but no fireworks The sideways action in Europe could be due to moderate risk-on in the equities in response to BOJ’s negative rates. However, we have not seen the kind of fireworks we have seen in the past each time BOE eased. This may have kept investors away from selling to fund risk rallies. The attention now shifts to the US data, which could show the economic growth cooled in last quarter of 2015. USD/JPY Technical Levels The spot was trading at 120.93 levels at the time of writing. A major hurdle is seen at 121.45 (200-DMA), above which the pair could rally to 122.08 (61.8% of May 2015 high-Jan 2016 low). On the other side, 50-DMA at 120.41 could offer support, which if taken out shall open doors for a drop to 120.00. For more information, read our latest forex news.