FXStreet (Mumbai) - The USD/JPY pair suddenly spiked to near 117 levels before falling back even though there has not been any major change in the market sentiment since last update. Japanese officials tracking currency markets The Japanese government officials made a comeback on the wires stating they are tracking the currency markets. This is an attempt to stall the rise in Yen and is hardly surprising since the currency has strengthened across the board on account of the risk aversion in the New Year. The pair now trades around the hourly 5-MA seen at 116.68 levels. The risk-off sentiment stays intact and that leave the doors are open for a fall back to the one-year low of 115.97. USD/JPY Technical Levels A break above 117.00 would open doors for a recovery to hourly 200-MA at 117.59. On the other hand, a break below 115.97 (daily low) could see the pair test 115.85 (Jan 16, 2015 low), under which the pair could extend the drop to 115.00 levels. For more information, read our latest forex news.