USD/JPY: bid towards the overnight resistance at 103.50, awaiting U.S. debate

Currently, USD/JPY is trading at 103.49, up 0.05% on the day, having posted a daily high at 103.52 and low at 103.34.

Positive Oil, bonds yields and equities have been leading the way in a risk-on environment that has been negative for the Yen and Tokyo just sold off more Yen following the positive lead from Wall Street. USD/JPY is now up testing the halfway point of the 103 handle after some profit taking ensued overnight from this area making for a potential resistance ahead of the jobs data from Australia and the U.S. debate a little later into the shift as key risk factors. We also have Fed's Dudley speaking currently, "Fed Chair Yellen's comments reflect the consensus of the FOMC," making for a divish rehtoric. 

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USD/JPY levels

Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart, technical indicators have turned flat well below their mid-lines, as the market seems to have entered wait-and-see mode, whilst the 100 SMA maintains a strong upward slope below the current level, currently around 102.95, the immediate support.

Meanwhile, spot is presently trading at 103.49, and next resistance can be seen at 103.52 (Daily High), 103.62 (Daily Classic S1), 103.70 (Weekly Low), 103.75 (Hourly 200 SMA) and 103.87 (Weekly Classic PP). Support below can be found at 103.47 (Hourly 20 EMA), 103.45 (Daily Open), 103.38 (Daily Classic S2), 103.34 (Daily Low) and 103.18 (Daily 100 SMA).