FXStreet (San Francisco) - The USD/JPY is trading at nearly 7-month highs following a no-dovish Fed's Yellen speech that fueled the pair more than 50 pips to break above 104.00 and to price at highs since January 22 at 104.20.
Currently, USD/JPY is trading at 104.13, up 0.27% on the day, having posted a daily high at 104.21 and low at 103.50. USD/JPY spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.
"As aforementioned sell orders clustered 104.00/10," Gerry Davies from FXBeat comments. "Buy stops gathering through 104.10 and 104.20, depending on who you speak to."
Above that, next frontiers are at 104.80 and 105.00.
Next support to the downside can be found at 104.01 (Daily Classic R1), 103.97 (Yesterday's High), 103.85 (Daily Open), 103.85 (Monthly High) and 103.85 (Weekly High).