FXStreet (Córdoba) - USD/JPY has entered a consolidation phase on Monday as investors continue to assess the last nonfarm payrolls report and gear up for next week’s Fed policy meeting, when the FOMC is expected to vote for a rate hike for first time since 2006. USD/JPY managed however to move off last week’s lows at the 122.30 zone and trimmed some losses over the last sessions, but the upside remains capped by the 123.50 area. The pair is currently trading at 123.41, up 0.21% on the day, USD/JPY technical levels As for technical levels, next resistances are seen at 123.74 (Nov 18 high), 124.15 (Aug 20 high) and 124.45 (Aug 19 high). On the flip side, supports could be faced at 122.46 (Dec 7 low), 122.20 (Nov 16 low), 121.72 (100-day SMA) and 121.53 (200-day SMA). For more information, read our latest forex news.