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Forex pairs in this Article » USD/JPY (Córdoba) - The USD/JPY is extending its downward correction into a second day Wednesday amid profit taking after the pair struck a 6-month high of 103.40 the previous day.

USD/JPY finds resistance at 103.40

The USD/JPY came under mild pressure after failing to break above 103.40 for a second time in December and it has been slowly retracing gains, having broken below the 200-hour SMA and the 102.50 zone to hit a weekly low of 102.40 in recent dealings. The USD failed to benefit from a 2-year budget deal in the US Congress, which would reduce the federal deficit by $23 billion.

USD/JPY technical levels

At time of writing, the USD/JPY is trading at the 102.45 zone, recording a 0.4% loss since opening with immediate supports at 102.40 (daily low), 102.00 (psychological level) and 101.63 (Dec 5 & 6 lows). On the other hand, resistances are seen at 102.95 (daily high), 103.40 (Dec 10 high) and 103.55 (May 23 high).
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