FXStreet (Mumbai) - The Japanese yen is seen consolidating gains against its American rival in early Europe, with USD/JPY stuck near lows and in search fresh incentives from the upcoming session. USD/JPY awaits European open Currently, the USD/JPY pair trades -0.22% lower at 123.11, managing to hold above 123 handle. The major stalled its correction just ahead of 123 barrier and now consolidates to the downside before the next leg lower as European markets are tipped-off for a softer start, which will sour market sentiments further and bid-up the demand for the JPY. The German DAX index futures tank -0.71% while the UK’s FTSE futures are down -0.65% and the Euro Stoxx 50 futures are declining -0.53%. Meanwhile, risk-off sentiment is expected to extend into the European session, as the traders will absorb mixed macro data, viz., weak Chinese trade figures and upbeat Japan’s GDP data released earlier on the day. China’s exports declined for the 5th straight month, coming at -3.7% against a -0.29% drop expected. Contrarily, the Japanese economy recorded an expansion of 1.0% y/y in Q3, beating the first estimate of a 0.8% contraction USD/JPY Technical levels to watch The prices keep lows and find the immediate support placed at 123/ 122.97 (1h 200-SMA) below which 122.78 (daily S3) would be tested. While to the top-side, the immediate resistance is now placed at daily pivot (123.30). A break above the last, the major could test 123.47/50 (Dec 7 High/ round number). For more information, read our latest forex news.