FXStreet (Edinburgh) - The greenback has surrendered part of the earlier gains vs. the Japanese currency, although USD/JPY keeps in the positive territory above the 117.00 handle. USD/JPY ignores US data The pair has practically ignored the positive result from the Fed’s Labor Market Conditions Index (LMCI), coming in at 2.9 for the month of December, bettering November’s 0.5 at the same time. In the meantime, spot is extending the rebound from overnight lows around 116.70 as risk-off trade has been dwindling despite the poor performance of the Chinese equity markets. Next of relevance for the pair will be the speech by Atlanta Fed D.Lockhart. USD/JPY levels to consider As of writing the pair is up 0.14% at 117.67 and a breakout of 120.77 (high Dec.30) would open the door to 120.88 (100-day sma) and finally 121.57 (200-day sma). On the other hand, the initial support lines up at 116.80 (low Jan.11) followed by 116.46 (low Aug.24) and then 115.82 (low Jan.16 2015). For more information, read our latest forex news.