FXStreet (Edinburgh) - After dropping to session lows near 120.60, USD/JPY has managed to regain the 121.00 neighbourhood ahead of key US releases. USD/JPY looks to US CPI The pair is navigating in a narrow range during the first half of the week, currently hovering over the 121.00 handle while market participants are getting ready for the critical FOMC meeting due tomorrow. In the data space, November’s inflation figures are due in the US calendar, with the CPI expected to have gained 0.5% on a yearly basis. Core prices are seen at 2.0% YoY. USD/JPY levels to consider As of writing the pair is advancing 0.04% at 121.06 facing the next handle at 121.52 (55-day sma) followed by 121.91 (61.8% Fibo of 125.28-116.47) and then 123.67 (high Dec.2). On the other hand, a breach of 119.84 (38.2% Fibo of 125.28-116.46) would expose 119.80 (4-month uptrend) and finally 118.04 (low Oct.15). ------- 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.