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Forex pairs in this Article » USD/JPY (Córdoba) - The USD/JPY hit a fresh daily high in the initial hour of trade in the Japanese stock market. The pair rose to 104.40, trimming American session losses and extending the recovery from levels under 104.00.

The Nikkei 225 is falling 0.05% but moved away from the lows, favoring the upside in the pair. “With no data out, keep an eye on the Nikkei (and on the Shanghai Composite which finished down 1.8% yesterday), with the major action likely to come from tomorrow’s FOMC minutes release”, Jim Langlands, from FX Charts affirms regarding price action on the USD/JPY.

Currently trading at the highs at 104.45, the USD/JPY is bouncing after reaching on Monday at 103.90 the lowest price since December 23.

Levels to watch for the USD/JPY

To the upside, immediate resistance comes at 104.65 and above at 105.00 (psychological level), 105.20 and 105.40/50 where 2014 highs lie. To the downside support levels could be located at 103.90 (January 6th low), 103.75 (December 19, 23 lows) and 103.35.
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