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Forex pairs in this Article » USD/JPY
FXstreet.com (Barcelona) - Continuing its recent ascent throughout the Asia session, USD/JPY has finally pushed its head above the keenly watched 104.50 mark, posting a high at 104.59 before retracing to where we are presently supported at 104.38, the December 19 high.

USD/JPY breaks above previous high on third attempt

Yen continued to weaken overnight, supported by the BoJ decision to keep monetary policy loose following the Fed decision to start the tapering process. The move higher overnight saw spot breaks above previous high at 104.36 on its third attempt. A lightweight European calendar ahead gives way to a busy US session, with US GDP at 13:30 GMT, before Janet Yellen’s confirmation as new Fed Chair.

What are today’s key USD/JPY levels?

Hourly RSI sits at 64, and ranging just below the overbought territory which it has been unable to penetrate for the past day. The hourly 200 SMA sits at 103.18 and sloping higher alongside the 20D EMA at 102.48. The daily pivot point sits at 104.12, which doubles up as next support, with resistance ahead at 104.47 (R1). Offers have been reported in the same region, just in front of option barriers at 104.50, before the next level at the psychological 105. Stops are reported around 105.50. Below, bids are noted at 104.30-10, and 103.80-70, where the Dec 19 session low was also at 103.77.
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