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Forex pairs in this Article » USD/JPY (Córdoba) - The USD/JPY extended gains and approached 5-year highs during the Asian session; recently reached fresh 2-day highs at 104.41. US dollar gained momentum after breaking above 104.10, boosted by Nikkei 225 gains. At the moment of writing the Japanese stock index is rising 0.75% (at fresh 2013 highs) while the USD/JPY trades at 104.30, up 0.25% for the day.

The Prime Minister of Japan, S. Abe said that the Japanese economy is making progress toward escaping deflation and that economic improvement is broadening. He also mentioned that the country was out of deflation for the first time in four years.

Technical outlook for USD/JPY

From the current levels immediate resistance could be seen at 104.70 and above at 105.00 while to the downside support level might lie at 104.10 (December 23rd high), 103.75 (December 23rd low) and 103.40.
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