FXStreet (Edinburgh) - The greenback is losing the grip vs. the Japanese currency on Wednesday, with the USD/JPY now coming down to the 105.00 region from above 105.30.



USD/JPY points to fresh year highs above 105.40



Spot remains bid despite today’s correction, recently boosted by changes in Abe’s cabinet. The pair seems to be taking a breather on its way to test ytd peaks just above the 105.40 level against the backdrop of the USD rally. “The anticipated USD strength is much, much stronger than expected. Upward momentum remains strong and the current rally is expected to extend towards the year-to-date high of 105.40/45; 104.85 is acting as a strong intraday support”, observed Quek Ser Leang, Market Strategist at UOB Group.



USD/JPY levels to watch



At the moment the pair is losing 0.02% at 105.07 and a breakdown of 104.41 (Tenkan Sen) would expose 104.30 (low Sep.2) and finally 104.20 (10-d MA). On the other hand, the immediate hurdle lines up at 105.31 (high Sep.3) ahead of 105.42 (high Jan.10) and then 105.45 (2014 high Jan.1).



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    USD/JPY seen at 127.00 in 12-month – Danske Bank

  2. Forex News

    USD/JPY: Rejected at 124.30, falls to 123.60

  3. Forex News

    USD/JPY eases-off fresh 12-yr peak, back below 124

  4. Forex News

    Aussie sold-off on Capex, UK GDP – Next Up

  5. Forex News

    USD/JPY Technical Analysis: Eyeing Resistance Above 124.00

Trading Center