FXStreet (Mumbai) - The USD/JPY pair halted its FOMC-backed bullish momentum at 122.65 levels and eased a bit heading towards the late-Asian session, on the back of minor profit-taking after the relentless rise overnight. USD/JPY forms a small doji on daily charts Currently, the USD/JPY pair trades 0.20% higher at 122.45, easing-off fresh six-day highs reached at 122.64 in early trades. The major remains underpinned and now consolidates the upside above 20-DMA at 122.40, after witnessing three consecutive sessions of heavy gains. Moreover, with the Asian equities paring some gains, risk sentiment appears to cool-off as dust settles over the Fed hike aftermath, and therefore keeps a lid on the prices. The Nikkei now trades 1.77% higher versus 2.50% previous while Australia’s S&P/ASX rises 1.62% versus 2% previous. However, the retreat in USD/JPY is likely to remain short-lived as the greenback is expected to remain strongly on the bids, with markets favouring the US currency after the Fed rate hike by a quarter percent and signalled 100 bps rise next year. On data-front, the US calendar holds a few US economic news, including the Philly Fed manufacturing gauge, weekly jobless claims and current account data. USD/JPY Technical levels to watch In terms of technicals, the immediate resistance is located at 122.85 (daily R1). A break above the last, the major could test 123/123.06 (round number/ Dec 9 High). While to the downside, the immediate support is located at 122.18 (50-DMA) below which 122.01 (1h 200-SMA) would be tested. ------- What will 2016 bring to the Forex traders? Attend our Forex Forecast 2016 - The Panel with Ashraf Laidi, Valeria Bednarik, Boris Schlossberg, Adam Button, Ivan Delgado and Dale Pinkert. Register for the live event on Dec. 18th and get the recording too. ------- For more information, read our latest forex news.