USD/JPY trades modestly flat at 120.68, extends overnight side-trend amidst thin volumes as the Japanese markets remain closed today on account of 'Culture Day'.
- The pair continues to move back and forth between 120-121.50 unable to set longer-term directions
- USD/JPY is currently trading at 120.68, with resistances at 120.76 (10 DMA) ahead of 121.00/03 (psychological level/200-day SMA)
- Supports could be found at 120.60 (4h cloud top) and then at 120.15 (50-day SMA), and 120.00 (psychological level/Oct 28 low)
- Focus on US factory orders and IBD/TIPP Economic Optimism due later today, while sentiment on the global equities will also continue to dominate
Resistance Levels:
R1: 120.76 (10 DMA)
R2: 121.00/03 (psychological level/200-day SMA)
R3: 121.47/0 (Oct 30 & 26 highs)
Support Levels:
S1: 120.60 (4h cloud top)
S2: 120.15 (50-day SMA)
S3: 120.00 (psychological level/Oct 28 low)
