Area around 10-DMA of 103.95 came to rescue of the American dollar, helping the USD/JPY pair move back to near 104.20 levels.
Septemebr high a stiff resistance
September high of 104.32 is a stiff resistance that the pair is truggling to breach on the day end closing basis. Multiple intraday highs in the last week and the one today have been met with offers, although increased odds of Fed rate hike bets is ensuring the spot remains above 103.00 levels.
Ahead in the day, the spot could take cues from stock market activity and US industrial production data.
USD/JPY Technical Levels
The immediate hurdle at 104.37 (session high) would open doors for 104.63 (Oct 13 high), above which the spot could target 105.00 (zerofigure). On the other hand, a breakdown of support at 103.94 (5-DMA) would yield a move lower to 103.65 (10-DMA), beyond which a major support is seen at 103.23 (100-DMA).