USD/JPY back to 117.50 after falling to 117.25

USD/JPY turned negative and dropped to 117.25, hitting a fresh daily low after the release of US personal income and spending data that showed lower-than-expected numbers. From the lows the pair rebounded and is now trading around 117.50, at the same level it close yesterday. 

Earlier economic numbers from the US, that included an upward revision to 3Q GDP boosted the pair to the upside but after hitting 117.88, pulled back. 

The greenback and the yen are showing mixed results across the board on a low volume session in financial markets, ahead of year-end holidays. 

USD/JPY around 117.60

The pair is moving sideways since Friday, unable to move away from the 117.60 area, that appears to be a short-term equilibrium level. 

On the upside a consolidation on top of 118.20 is needed from a technical perceptive in order to open the doors to more gains, while to the downside, below 117.00, the bearish pressure could rise significantly. 

Yen pairs the best to trade in 2017 due to high volatility and good ATR