USD/JPY: easy comes, easy goes

Following a steep rally at the beginning of the New York session, the US dollar lost momentum and gave back most of its daily gains versus the yen, as the move proved to be short-lived.

USD/JPY retreated after hitting a 3-month high of 104.87, with no clear catalysts behind the USD rally and nothing in the news for the pullback either.  Having completely erased intraday gains, USD/JPY was last  trading at 104.15, virtually unchanged on the day.

USD/JPY levels to consider

In terms of technical levels, USD/JPY could find next resistances at 104.87 (Oct 25 high), 105.00 (psychological level) and 105.57 (Jul 27 high). On the other hand, supports are seen at 103.93 (10-day SMA), 103.15 (Oct 19 low) and 102.96 (100-day SMA).