USD/JPY supported near 5-DMA amid holiday-thinned markets

USD/JPY is seen wavering back and forth in a narrow range around 111 handle, having stalled its recovery from NY lows just near multi-month tops reached Monday.

USD/JPY awaits US data

The dollar-yen pair paused its renewed upsurge in the Asian session this Wednesday, as a lack of fresh fundamental drivers and low volumes amid a National holiday in Japan, failed to provide fresh impetus to the spot.

Meanwhile, the major is seen consolidating the recent strength, although further upside lacks momentum, as markets turn wary and refrain from placing fresh bets ahead of the US durable goods data and FOMC minutes due later in the NA session today.

The major is last seen exchanging hands at 111.06, down -0.09% on the day, having stalled its retreat from near half-yearly highs.

USD/JPY Technical levels to watch 

In terms of technicals , the immediate resistance is located at 111.46 (May high). A break above the last, the major could test 111.60 (daily R1) and 112 (zero figure) beyond the last. While to the downside, the immediate support is seen at 110.90 (daily pivot) next at 110.23 (Nov 22 low) and below that at 110 (key support).

To learn more about this topic, check our video analysis