USD/JPY steadies in the negative territory below 104.50

USD/JPY is posting modest daily losses on Wednesday.
10-year US Treasury bond yield is down more than 1%.
US Dollar Index stays near 92.00 ahead of FOMC Minutes.

Eren Sengezer FXStreet

The USD/JPY pair stayed relatively quiet around 104.50 for the majority of the day and edged modestly lower during the American trading hours. As of writing, the pair was down 0.06% on the day at 104.35.

USD struggles to find demand on Wednesday

Following the mixed macroeconomic data releases from the US, the US Dollar Index (DXY) edges lower in the late American session and was last seen 0.26% at 91.97.

The US Bureau of Economic Analysis monthly reports showed that the economic activity in the US expanded by 33.1% on a yearly basis in the third quarter and Personal Spending increased by 0.5%. Other data revealed that the University of Michigan's Consumer Sentiment Index declined to 76.9 (final) in November from 81.8 in October, New Home Sales declined by 0.3% and Initial Jobless Claims rose by 30,000 to 778,000.

Meanwhile, the 10-year US Treasury bond is currently losing 1% on the day, making it difficult for the positively-correlated USD/JPY to return into the positive territory.

Later in the session, the FOMC will publish the minutes of its November meeting. The statement is unlikely to provide any fresh clues regarding the policy outlook and it would be surprising to see USD/JPY break out of its daily range given the thin trading conditions ahead of the Thanksgiving Day holiday.

Technical levels to watch for

USD/JPY

Overview
Today last price	104.37
Today Daily Change	-0.07
Today Daily Change %	-0.07
Today daily open	104.44

Trends
Daily SMA20	104.47
Daily SMA50	104.95
Daily SMA100	105.58
Daily SMA200	106.7

Levels
Previous Daily High	104.76
Previous Daily Low	104.15
Previous Weekly High	105.14
Previous Weekly Low	103.65
Previous Monthly High	106.11
Previous Monthly Low	104.03
Daily Fibonacci 38.2%	104.38
Daily Fibonacci 61.8%	104.53
Daily Pivot Point S1	104.14
Daily Pivot Point S2	103.83
Daily Pivot Point S3	103.52
Daily Pivot Point R1	104.75
Daily Pivot Point R2	105.07
Daily Pivot Point R3	105.37

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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