The greenback is extending its downside momentum during the European morning, with USD/JPY now retreating to session lows near the 114.00 handle. USD/JPY down from 114.90 The USD bullish attempt has run our of steam in the vicinity of 115.00 the figure during overnight trade, deflating soon afterwards to test daily troughs around 114.00. Positive results from Chinese credit sector plus a solid advance of the Shanghai index have initially sparked a wave of risk-on trade, lifting the pair to daily tops although losing momentum following the Asian close. Collaborating with the downside, crude oil prices are now fading their initial spike after today’s oil producers meeting has yielded no positive results for the sector. In fact, Qatar oil minister has argued that in order to freeze production it is necessary the same course of action by other producers. USD/JPY levels to watch As of writing the pair is advancing 0.49% at 113.84 and a surpass of 115.28 (high Feb.10) would expose 117.11 (20-day sma) and then 118.58 (55-day sma). On the downside, the next support aligns at 110.98 (low Feb.11) ahead of 105.88 (200-m sma) and finally 105.18 (monthly low Oct.2014). For more information, read our latest forex news.