FXStreet (Moscow) - USD/JPY retreated from the Asian high of 103.95 and touched the current low of 103.67 before settling down around 103.73 level, about 10 pips lower on the day.

Time to stay and stare

The resistance area of 104.00 stopped USD/JPY rally as the pair cannot overcome strong offers located on approach to the above mentioned level and option barrier related stops. From the technical point of view, USD/JPY is deeply overbought after a head-spinning rally from 102.31 at the start of the week and towards weekly high at 103.96. Fundamentally, all eyes are on Janet Yellen speech now. Many traders prefer to take profit and exit market before the risk event as dovish comments from the FED’s Chair could banner USD down across the board. During European hours the pair might continue to consolidate with bearish bias, the nearest support is seen at 103.60 followed by 103.50, once it is broken, the downside may be extended towards 103.30. The upside is securely guarded by 104.00 pivot.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 103.80, with support below at 103.64, 103.43 and 103.27 with resistance above at 104.01, 104.18, and 104.39. Hourly Moving Averages are largely bullish, with the 200SMA bullish at 102.79 and the daily 20EMA bullish at 102.56. Hourly RSI is bullish at 51.

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