FXStreet (Edinburgh) - The greenback has now surrendered its initial gains vs. the Japanese currency, sending USD/JPY to test lows in the 123.00 neighbourhood. USD/JPY ignores US data Despite the unexpected hawkish tone from the ECB at its meeting today, the pair is managing to keep the trade above the 123.00 handle for the time being, against a backdrop of renewed selling pressure around the dollar. In the data front, US Initial Claims came in at 269K vs. 268K expected during the week ended on November 27th, all ahead of Markit’s Services PMI, ISM Non-manufacturing, Yellen’s testimony and Factory Orders. USD/JPY levels to consider At the moment the pair is losing 0.21% at 122.99 and a breakdown of 122.20 (low Nov.16) would expose 121.77 (100-day sma) and then 120.87 (50% Fibo of 125.28-116.46). On the flip side, the immediate hurdle lines up at 123.69 (high Nov.18) followed by 124.58 (high Jul.30) and finally 125.29 (high Aug.12). For more information, read our latest forex news.