FXStreet (Mumbai) - USD/JPY’s solid comeback from 122.60 levels runs out of legs just ahead of 123 handle, and the prices continue its upside consolidation. USD/JPY stuck in a 20-pips range Currently, the USD/JPY pair trades modestly flat at 122.94, capped below 123 handle. The major consolidates to the upside before the next leg higher as the greenback is expected to resume its bullish momentum. Yesterday’s slide in the greenback across the board is seen largely as a technical correction after the extensive rally last week backed by growing expectations of a Dec Fed rate hike. The pair remains supported and gathers pace for further advances in the session ahead, as the USD seems underpinned by the recent streak of upbeat US fundamentals and hawkish Fed speaks, both hinting towards an imminent Fed lift-off next month. Earlier on the day, the Fed Vice-Chairman Stanley Fischer clearly signalled a Dec rate lift-off, stating, "some major central banks" could move away from near-zero interest rate policy "in the relatively near future." His comments triggered renewed rally in USD/JPY, driving the major above 123 barrier. While today’s trading calendar remains absolutely data-dry in terms of economic news, the focus now remains on Fed member Dudley’s speech due later in the NY session. USD/JPY Technical levels to watch The prices trade below 123 handle and face immediate resistance at 123.06 (1h 200-SMA). A break above the last, the major could test 123.21 (5-DMA). To the downside, the immediate support in sight at 122.62 (NY Low) below which 122.33 (20-DMA) would be tested. For more information, read our latest forex news.