USD/JPY: in a very minor recovery on fragile 103 handle

Currently, USD/JPY is trading at 103.41, down -0.44% on the day, having posted a daily high at 103.98 and low at 103.17.

USD/JPY is in a minor recovery of the supply we have seen this week and end of last week from above 104.50 down to 103.16. The recovery is only very minor to 103.42 so far in a weak dollar environment with a lower US yields and the markets concerned about the real state of the US economy. Beige Book: Economy continued to expand at a moderate pace

China only fuelled the risk on environment coming in line with expectations and so far offering investors with an improved state of confidence in global markets recovering, allowing for stocks to continue to make a comeback on Wall Street, negative for the Yen. Also, we have the final US Presidential debate that will give Donald Trump one last chance to sway the polls back in his favour. 

USD/JPY levels

Spot is presently trading at 103.41, and next resistance can be seen at 103.51 (Hourly 20 EMA), 103.62 (Daily Classic S1), 103.68 (Yesterday's Low), 103.70 (Weekly Low) and 103.76 (Hourly 200 SMA).Support below can be found at 103.38 (Daily Classic S2), 103.18 (Daily 100 SMA), 103.17 (Daily Low), 103.08 (Weekly Classic S1) and 103.08 (Daily Classic S3). 

USD/JPY short-term technicals look bearish  - Scotiabank


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