FXStreet (Mumbai) - The USD/JPY pair lost momentum and trades around a flat-line near the lower end of today’s trading range in last hours, as dust settles over the ECB news and focus now shifts to the Fed outcome next week. USD/JPY well above daily pivot Currently, the USD/JPY pair trades flat at 120.70, capped below 120.76/80 band in recent dealings. The USD/JPY pair languishes near lows and awaits fresh cues from the European open for further momentum. The yen managed to wipe-out early losses versus the US dollar after the release of impressive Japan’s flash manufacturing data, which revealed that the Japanese manufacturing activity improved at the sharpest rate since March 2014. The Nikkei Flash Japan Manufacturing Purchasing Managers' Index (PMI) rose from 51.0 in September to a preliminary 52.5 in October. However, the downside remains restricted as the persisting risk-on rally in Asian equities continues to support the USD bulls. Meanwhile, focus now shifts towards next week’s FOMC and BOJ decisions amid a data-deficient macro calendar today. USD/JPY Technical levels to consider The pair failed at 121 handle and now finds the immediate support might be located at 120.49/23 (daily pivot + 5-DMA), below which 120.11/120 (50-DMA + round number) would be tested. While, to the upside the next resistance is located at 121 (round number). Above the last, the pair could climb further towards 121.36/42 (daily R1 + 200-DMA). For more information, read our latest forex news.