FXStreet (Edinburgh) - The greenback is now giving away further ground vs. its Japanese peer on Friday, sending USD/JPY to test the lower bound of the range near 122.70 USD/JPY closes the week with gains The pair is managing to close the week with gains in spite of the decline post-FOMC minutes during the second half of the week, retreating from recent tops near 123.70. Expectations of a Fed’s lift-off next month (probabilities still around 70%) remain the exclusive driver behind USD upside, although the steady stance from the Bank of Japan keeps lending some support to the safe haven JPY and thus limiting the upside somewhat. Back to the US, St. Louis Fed J.Bullard expects inflation figures to pick up quickly while he also hinted that the US economy will go into a boom period. USD/JPY levels to consider At the moment the pair is losing 0.06% at 122.77 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.