FXStreet (Córdoba) - USD/JPY has eased from daily highs but overall remains steady within its Monday range as majors go through a consolidation phase following last week’s volatility on the back of the ECB and the US nonfarm payrolls. USD/JPY recovered from Thursday’s lows but the upside has remained capped by the 123.50 zone, confining the pair to a sideways phase. At time of writing, USD/JPY is trading at 123.20, little changed on the day. The US dollar however, remains underpinned by prospects of a rate hike by the Fed in contrast with a loose policy from the BoJ. USD/JPY technical levels As for technical levels, short-term supports could be faced at 122.46 (Dec 4 low), 122.20 (Nov 16 low), 121.72 (100-day SMA) and 121.53 (200-day SMA). On the other hand, next resistances are seen at 123.74 (Nov 18 high), 124.15 (Aug 20 high) and 124.45 (Aug 19 high). For more information, read our latest forex news.