FXStreet (Edinburgh) - The Japanese yen remains on the defensive vs. the greenback, with USD/JPY looking to consolidate above the 121.00 handle for the time being. USD/JPY ignores US releases Spot has retreated from session highs in the mid-121.00 posted earlier in the day, as the Japanese currency seems to still be under the effects of last Friday’s BoJ announcements. It is worth mentioning that the central bank has cut the interest on excess reserves to -0.10% for the first time ever. Data wise in the US economy, Personal Income rose 0.3% MoM in December, while Personal Spending missed expectations, coming in flat for the same period. Further data showed inflation figures tracked by the Core PCE rising at an annual pace of 1.4%, matching consensus. Next of relevance will be the ISM Manufacturing and the speech by Fed’s S.Fischer. USD/JPY levels to watch The pair is up 0.15% at 121.26 and a surpass of 121.70 (high Jan.29) would target 121.85 (76.4% Fibo of 123.67-115.96) en route to 123.67 (high Dec.2). On the other hand, the immediate support is located at 118.41 (20-day sma) followed by 117.78 (23.6% Fibo of 123.67-115.96) and finally 115.96 (low Jan.19). For more information, read our latest forex news.