USD/JPY hits 1-week highs, eyes 104.50

Matías Salord FXStreet

The US dollar gained momentum across the board while the yen remained among the worst performers in the currency market. Greenback received a boost after the release of the preliminary US Manufacturing PMI that showed a rise from 51.5 to 53.2 in October. Also, Fed’s Bullard comments saying that he would support a November rate hike supported the Greenback.

The yen remained weak amid rising stocks on the back of earning results and merger & acquisition. Also, rising US government bond yields lowered the demand for the Japanese currency.

USD/JPY above 104.00

The pair broke above 104.05 and jumped to the upside. Recently printed a fresh 1-week high at 104.30 and remained trading near the highs, almost 50 pips above Friday’s closing price and holding a bullish tone.

To the upside, resistance levels could be seen at 104.45/50 (Oct 12 & 14 high) and 104.65 (Oct 13 high). On the downside, support now might lie at 104.00, 103.70 (daily low) and 103.15 (last week low).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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