USD/JPY confined in a narrow trading range

The USD/JPY pair extended its near-term consolidative price-action and was confined within 35-pips narrow trading range, showing little movement amid relatively quiet session. 

Currently trading around 117.65 region, the top end of daily trading range, investors preferred to stay on sideline and awaited for a flurry of US economic indicators, due for release later during the day. Moreover, a thin liquidity conditions, ahead of Christmas, has also led to subdued trading action on Thursday. 

Investors on Thursday will remain focused on a flurry of US macro data, scheduled for release later during NA session. Today's US economic docket features the release of revised GDP growth number for third-quarter of 2016, durable goods order for November, personal income / spending data along with the Fed's preferred inflation gauge - core PCE price index for the month of November and the usual weekly jobless claims data. 

Technical levels to watch

Weakness below session low support near 117.40 is likely to drag the pair towards 117.00 handle, which if broken might accelerate the slide further towards weekly low support near 116.55 region. On the upside, 118.00 round figure mark remains immediate strong hurdle, which if cleared decisively should lift the pair beyond 118.20-25 resistance area towards retesting multi-month highs resistance near 118.65 region.