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Forex pairs in this Article » EUR/USD, USD/JPY
FXstreet.com (Barcelona) - Having soared overnight, breaking into fresh annual territory, USD/JPY posted a high since 2008 at 103.92, before declining to where it is presently trading at 103.54, up 0.23%.

USD/JPY makes 2008 high

Overnight saw a (Oct) YoY improvement in Japanese Industrial Production from 5.1% to 5.4%. The push higher was triggered by stops being triggered from Japanese retail demand and exporters hedging efforts, with spot progressively making higher highs during the overnight session. Matt Bacon-Hall of FXBeat notes that the high at 103.92, capped just below the 104 level saw some leveraged accounts on the offer. Ahead, the quiet European and US sessions have little to offer in terms of fundamental drivers.

What are today’s key USD/JPY levels?

Hourly RSI sits at 63, having declined from oversold territory, with ADX at 37. The hourly 200 SMA sits at 102.70, sloping higher, with the daily 20 EMA at 99.38 and bullish too. Matt Bacon-Hall of FXBeat sees resistance at “104.90-10 Cluster of buy stops, 104.50-60 Offers Exporters, 104.10 Buy stops commence, & 103.90-00 Offers from prop and exporter names” and support at “103.40 Light bids, as well as previous tops, 103.00-10 option related bids, 102.70-80 Leveraged account bids, & 102.40 Stops commence.”
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