USD/JPY analysis: struggling to regain the 104.00 mark

Valeria Bednarik FXStreet

USD/JPY Current price: 103.98

The USD/JPY pair recovered some ground this Thursday, extending its intraday recovery up to 104.10, but settling a few pips below the key 104.00 level. The greenback surged against its Japanese rival after the release of better-than-expected US housing figures, which came in as a surprise after latest disappointing results in the sector. BOJ Kuroda is due to speak during the upcoming Asian session at the Japan Summit hosted by The Economist, in Tokyo. The BOJ will have its economic policy meeting next November 1st, and investors will be likely looking for clues on what the Central Bank is planning to do then, although seems unlikely that Kuroda will offer some clear clues today. From a technical point of view, the pair has completed a pullback to the daily ascendant trend line broken earlier this week, and holds around it, not yet confirming whether it will recover above it and resume its gains, or retreat in look of fresh lows. According to the 4 hours chart technical readings, the pair may gain some further ground, given that technical indicators head modestly higher around their mid-lines, whilst the 100 SMA maintains a strong upward slope below the current level, providing a strong support around the 103.15.

Support levels: 103.60 103.15 102.70

Resistance levels: 104.20 104.60 105.05

View Live Chart for the USD/JPY

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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