USD/JPY remains on track to close modestly lower around 104.30

USD/JPY is posting small daily losses on Thursday.
US Dollar Index looks to close a little above 92.00.
US stock and bond markets are closed due to the Thanksgiving Day holiday.

Eren Sengezer FXStreet

After closing virtually unchanged at 104.45 on Wednesday, the USD/JPY pair edged slightly lower and seems to have steadied around 104.30 on Thursday.

Markets remain subdued

Despite the modest recovery witnessed in the US Dollar Index (DXY), USD/JPY struggled to gain traction as the cautious market mood, as reflected by the uninspiring performance of major European equity indexes, helped the JPY stay strong against its peers.

In the absence of significant macroeconomic data releases and fundamental drivers, the DXY, which closed the last two days in the negative territory, pushed higher on Thursday and was last seen gaining 0.12% at 92.10. However, this recovery seems to be a technical correction of the latest decline and is unlikely to gather momentum.

Meanwhile, stock and bond markets in the US are closed due to the Thanksgiving Day holiday and USD/JPY is likely to extend its sideways grind in the remainder of the day.

In the early trading hours of the Asian session, Tokyo Consumer Price Index (CPI) and Foreign Bond Investment data from Japan will be looked upon for fresh impetus.

Technical levels to watch for

USD/JPY

Overview
Today last price	104.28
Today Daily Change	-0.14
Today Daily Change %	-0.13
Today daily open	104.42

Trends
Daily SMA20	104.47
Daily SMA50	104.94
Daily SMA100	105.55
Daily SMA200	106.66

Levels
Previous Daily High	104.6
Previous Daily Low	104.26
Previous Weekly High	105.14
Previous Weekly Low	103.65
Previous Monthly High	106.11
Previous Monthly Low	104.03
Daily Fibonacci 38.2%	104.39
Daily Fibonacci 61.8%	104.47
Daily Pivot Point S1	104.25
Daily Pivot Point S2	104.08
Daily Pivot Point S3	103.91
Daily Pivot Point R1	104.59
Daily Pivot Point R2	104.77
Daily Pivot Point R3	104.94

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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