FXStreet (Edinburgh) - The greenback has surrendered its initial gains vs. the Japanese currency on Friday, dragging USD/JPY to test the 122.80/70 band, or session lows. USD/JPY capped by 123.70 Spot is retreating for the second consecutive session so far after being rejected from recent tops in the 123.70 area on Wednesday in the wake of the FOMC minutes. In the meantime, the main drivers for the pair’s price action in the near term remain the likeliness of further easing by the BoJ (mainly following the recently published GDP figures) and the possibility of a Fed’s lift-off in December, with probabilities gyrating around 70%. USD/JPY levels to consider At the moment the pair is losing 0.05% at 122.78 and a breakdown of 122.20 (low Nov.16) would aim for 121.75 (100-day sma) and then 120.87 (50% Fibo of 125.28-116.46). On the flip side, the next hurdle lies at 123.69 (high Nov.18) followed by 124.58 (high Jul.30) and finally 125.29 (high Aug.12). For more information, read our latest forex news.