The Japanese Yen is surrendering part of recent gains vs. the greenback, now pushing USD/JPY to session highs near the 114.00 handle. USD/JPY weekly upside capped by 114.50 Spot has resumed its upside after bottoming out in the 112.60 area following the ECB meeting on Thursday. In fact, after yesterday’s initial stab to the mid-114.00s bolstered by USD-strength, the pair has quickly reverted the spike and dropped to fresh lows along with a pick up of the risk aversion. The risk appetite trends have been the main drivers for the pair’s price action throughout the week amidst a vacuum of releases in both the US and Japan. However, the greenback will take centre stage next week in light of the key FOMC meeting. USD/JPY levels to watch As of writing the pair is advancing 0.58% at 113.85 and a breakout of 114.56 (high Mar.3) would aim for 114.89 (high Feb.16) and then 115.09 (38.2% Fibo of 121.70-110.98). On the other hand, the next support lines up at 112.14 (low Mar.1) followed by 110.98 (low Feb.11) and finally 105.18 (monthly low Oct.2014). For more information, read our latest forex news.