USD/JPY: Upside capped near 117.50 in light trading

After having peaked just shy of 117.50 levels, the USD/JPY pair is seen consolidating the upmove, awaiting fresh impetus for the next push higher.

USD/JPY awaits US data

The major stalled its upbeat momentum as the greenback enters a consolidative mode against its major counterparts above 103 handle, leaving USD/JPY confined in a 20-pips narrow range below the mid-point of 117 handle.

Meanwhile, the sentiment around the spot remains underpinned in wake of worse-than expected Japanese CPI figures released earlier on the day, which continues to exert bearish pressure on the yen. The USD/JPY pair is last seen exchanging hands at 117.36, up +0.23% on the day.

All eyes now remain on the US consumer confidence and S&P/CS Composite-20 HPI y/y  data due later in the NA session.

USD/JPY Technical levels to watch 

The major finds immediate resistance at 117.67 (Dec 23 high). A break above the last, the major could test 118.43 (Dec 16 high) and 118.67 (10-month highs) beyond the last. While to the downside, the immediate support is seen at 117.15 (daily pivot) next at 116.72 (daily S2) and below that at 116.35 (20-DMA).