FXStreet (Mumbai) - The USD/JPY pair now trades below its hourly 200-MA levels as the JPY bears continue to unwind their positions after BOJ’s Kuroda disappointed by keeping policy steady. Back in the range The BOJ’s inaction has pushed the pair back to its multi-week range of 121.00-118.00. The losses have been slow to come as the increased prospects of a rate hike in the US has kept the USD in demand. Nevertheless, BOJ holding fire today has disappointed JPY bears, who had pushed the pair back above 200-DMA on Tuesday in anticipation of more easing. Ahead in the day, the focus would be on the US personal income and spending report. USD/JPY Technical Levels At 120.50, the immediate resistance is seen at 120.53 (hourly 200-MA). A break above the same could open doors for a re-test of 121.00 levels. On the other hand, a failure to rise above 120.53 could push the spot back to 120.00 handle. For more information, read our latest forex news.