FXStreet (Edinburgh) - After a test of session lows near 123.20, USD/JPY has managed to trim those losses and regain the 123.40 area, closer to the positive territory. USD/JPY looks to FOMC The pair is trading in the upper end of the recent range near 123.50, navigating in a ‘wait-and-see’ mode ahead of today’s FOMC minutes, which could surely determine the pair’s direction in the near to medium term. Apart from today’s minutes, the US will release data from the domestic housing market, with Building Permits and Housing Starts for the month of October. USD/JPY levels to consider At the moment the pair is up 0.01% at 123.41 facing the next hurdle at 123.60 (high Nov.9) followed by 124.58 (high Jul.30) and finally 125.29 (high Aug.12). On the other hand, a breakdown of 121.75 (100-day sma) would aim for 120.87 (50% Fibo of 125.28-116.46) and then 120.70 (55-day sma). For more information, read our latest forex news.