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Forex pairs in this Article » USD/JPY (Córdoba) - The strong recovery of the USD/JPY from a 4-week low that started earlier this week lost steam Wednesday, confining the pair to a phase of consolidation during the last hours.

The USD/JPY rallied more than 160 pips from a low of 102.84 to hit a high of 104.46 during the Asian session, although the USD failed to extend gains beyond that level and settled in a slim range just below. At time of writing, the USD/JPY is trading at the 104.25 zone, virtually unchanged since opening. Up ahead main US data includes January NY Empire State manufacturing index, December PPI and the Beige Book.

USD/JPY technical perspective

"The intraday bias here is still positive after the recent low at 102.85 and yesterday's break through 103.70 resistance sets the focus on 104.60 hurdle", says Stoyan Mihaylov, analyst at "I favor a reversal below 104.60 to trigger a sell-off towards 102.85 low".
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