USD/JPY advances to highs near 104.80

The selling pressure around the Japanese currency is now picking up pace vs. the buck, sending USD/JPY to fresh daily peaks around 104.80.

USD/JPY higher despite poor results in US docket

The greenback is showing some resilience in spite of today’s results from the US calendar have come in on the softer side.

In fact, US Durable Goods Orders have contracted 0.1% on a monthly basis during September, while Orders stripping the Transportation Sector rose at a monthly 0.2%, in line with estimates.

Further data saw Initial Claims a tad higher than forecasted at 258K WoW, taking the 4-Week Average to 253K from 252K previous.

Next on tap will be Pending Home Sales for the month of September, ahead of Friday’s more significant advanced GDP figures during the July-September period.

In the meantime, spot has returned to the area of 3-month tops in the upper-104.00s, trading at shouting distance from the critical 105.00 barrier.

USD/JPY levels to consider

As of writing the pair is up 0.34% at 104.82 facing the immediate hurdle at 107.08 (200-day sma) ahead of 107.48 (high Jul.21) and finally 111.45 (high May 30). On the downside, a break below 103.61 (20-day sma) would open the door to 103.15 (low Oct.19) and then 102.29 (55-day sma).