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Forex pairs in this Article » USD/JPY (Córdoba) - The USD/JPY managed to recover ground during the European session after bottoming out at 104.14 during the first trading hours of the week.

The USD/JPY climbed back to the 104.60 area but found resistance at the 200-hour SMA and the pair was confined to a phase of consolidation. At time of writing, the USD/JPY is trading at the 104.50 zone, still 0.3% below its opening price.

From a wider view, the pair is in a corrective phase after hitting a 5-year high of 105.44 last week, with the 104.00 region containing the downside so far. Up ahead on the data front, the US will release the November's factory orders and the December's ISM services PMI.

USD/JPY levels to watch

In terms of technical levels, the USD/JPY could find immediate supports at 104.14 (daily low), 104.07 (Jan 3 low) and 104.00 (psychological level). On the other hand, resistances could be faced at 104.65 (200-hour SMA) and the 104.94/105.00 area (daily high/psychological level).
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