FXStreet (Mumbai) - The Japanese yen consolidates to the upside against the US dollar in the mid-European session, keeping USD/JPY near the mid-point of 122 handle. USD/JPY bounces-off daily S2 Currently, the USD/JPY pair trades -0.21% lower at 122.59, extending recovery from 122.41 lows, where the daily S1 coincided. The USD/JPY pair trimmed losses as risk-off sentiment appears to have eased a little with the European indices recovering from lower levels. However, the bearish pressures remain intact on the back of falling US treasury yields. The benchmark 10-year yields on the treasuries drop -1.02% to 2.225% while the 2-year yields lose -1.56% to trade at 0.930%. Attention now shifts towards the US preliminary GDP report due to be reported at 1330GMT with markets predicting a 2% annualized increase in the GDP. While goods trade balance and the consumer confidence figures will also be closely watched for further USD moves. USD/JPY Technical levels to watch The prices trade below 20-DMA and finds immediate support at 122.20 (Nov 16 Low) below which 121.68 (200-DMA) would be tested. To the topside, the immediate resistance is located at 122.83 (5-DMA). A break above the last, the major could test 123 (round number). For more information, read our latest forex news.