FXStreet (Edinburgh) - The greenback is now losing some of its initial shine vs. the Japanese yen, sending USD/JPY back to the 117.80/75 band. USD/JPY upside capped around 118.10 The pair’s rejection from session tops near 118.10 has triggered the current correction lower to the 118.70 region, as buying interest around the yen seems to have returned to the markets. Nothing worth mentioning data wise in the Japanese calendar, whereas January’s NAHB index is due in the US followed by TIC Flows for the month of November. USD/JPY levels to watch The pair is now advancing 0.36% at 117.76 facing the next hurdle at 118.17 (23.6% Fibo of 123.60-116.49) followed by 118.77 (20-day sma) and finally 120.70 (100-day sma). On the flip side, a breach of 116.49 (low Jan.14) would expose 116.46 (low Aug.23) and then 115.82 (low Jan.15 2015). For more information, read our latest forex news.