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Forex pairs in this Article » USD/JPY (Barcelona) - USD/JPY declined on the Asia open, making a low 104.08 before climbing to post a high at 104.46 where it remained capped throughout the overnight session.

USD/JPY meets resistance at key Fibo level

Matt Bacon-Hall of FXBeat noted overnight that spot met selling pressure at 104.40-50, around where the 61.8% Fibonacci Retracement of the 105.44-102.85 range is seen. Overnight saw an increase in Chinese Foreign Exchange Reserves,, while M2 Money Supply declined alongside New Loans. Elsewhere Japanese Machine Tool Orders increased YoY (Dec) to 28% from 15.4% previous. This mornings European docket is almost over already, leaving focus on the US Calendar. Traders and Investors alike will be focused on MBA Mortgage Applications at 12:00 GMT, before the Fed Beige Book at 19:00 GMT. All in all today is a quiet one for fundamental data, and focus wll look ahead to tomorrow´s busy schedule.

What are today´s key USD/JPY levels?

Hourly RSI sits at 63, with ADX at 36. The daily pivot point can be seen at 103.80, below spot which is currently trading at 104.30. Support today can be seen at 103.50-60 (Prop & Option bids), 103.30 (S1), 103.00-10 (Option related bids), 102.70 (Sell stops), 102.38, 101.88, with resistance above at 104.40-50 (Variety of offers & Fib Ret), 104.71 (R1), 104.90 (Option and Exporter offers), 105.21 (R2), 106.13 (R3).
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