FXstreet.com (Córdoba) - As other major crosses in the FX market, USD/JPY took a breather on Monday and spent most of the NY session in quiet consolidation as investors wait to see if eurozone leaders could reach an agreement on the next tranche of Greek aid.

USD/JPY extended a pullback from its 7-month high of 82.82 scored last week and fell to a low of 81.91 weighed by the risk-off environment. However, the pair managed to regain the 82.00 mark afterward and it is currently trading at the 82.10 area, still down 0.3% on the day.

“Since the rally from the 77.12 low to the recent 82.83 high, there was 2 consolidation, or choppy periods, the first of which, was from 9/13 to 10/11 (4 weeks), and the second one from 10/22 to 11/14 (3 weeks)”, explains Fan Yang, analyst at FXTimes. “So, if 82.83 is going to hold for another consolidation period, be prepared if it does consolidate the rest of the year”.