USD/JPY has eyes for the 104 handle

FXStreet (Guatemala) - USD/JPY is trading at 103.73, down -0.03% on the day, having posted a daily high at 103.79 and low at 103.67.

USD/JPY remains looking on the bid here and 104 is not a mile away. Japan has been considering a stimulus plan of 1 trillion yen for 2015 to help boost the economy due to the effects of the tax hike that is planned for late next year, weighing on the JPY and of course a hawkish set of FOMC minutes has boosted the greenback. Technically, Valeria Badnarik, chief analyst at FXStreet explained that the hourly chart shows a strong upward tone coming from indicators, albeit some consolidation below 103.70/80 may be seen before a new leg higher. “In the 4 hours chart indicators aim strongly up despite in extreme overbought levels, supporting also some follow through in price for the upcoming sessions”.

USD/JPY hourly levels

Support levels: 103.40 103.20 102.80

Resistance levels: 103.75 104.10 104.45