FXStreet (Mumbai) - The demand for the safe haven JPY dipped, pushing the USD/JPY pair back to 117.00 from 116.50 levels as the stock markets across Europe rallied ahead of the ECB rate decision. Focus on equities The data docket in Europe and the US is empty; hence the pair is at the mercy of the action in the European and US equity markets. As of now, a 0.50% gain in the Euro Stoxx 50 index has capped demand for JPY and other safe haven assets. Later today, the ECB rate decision and the comments from the ECB chief Draghi may affect the sentiment in the equities and influence the USD/JPY pair. USD/JPY Technical Levels The pair now hovers around 116.90. The immediate resistance is seen at 117.48 (daily high), above which the pair could rise to 118.11 (Jan 19 high). On the other hand, a break below 116.50 (daily low + Jan 15 low) would open doors for a re-test of the previous session’s low of 115.97. For more information, read our latest forex news.