USD/JPY: bulls losing the battle on the 104 handle

Currently, USD/JPY is trading at 104.19, up 0.01% on the day, having posted a daily high at 104.89 and low at 104.05.

USD/JPY has been chipping away at the downside since the highs scored overnight in the US shift at 104.87 and 104.00 is feeling the pressure with the recent aforementioned lows. The market was mixed with a drop in WTI by 1% and volatility dying down with the VIX dropping 2%, yet the Yen rallies back. US 10yr treasury yields closed little changed, after fluctuating between 1.74% and 1.79%. Meanwhile, while will have Japan CPI's later in the week, for today the attention is focused on its Pacific neighbours over in Australia. 

USD/JPY levels

With spot trading at 104.20, we can see next resistance ahead at 104.20 (Monthly High), 104.33 (Yesterday's High), 104.40 (Hourly 20 EMA), 104.40 (Weekly Classic R1) and 104.44 (Daily Classic R1). Support below can be found at 104.18 (Weekly High), 104.17 (Daily Open), 104.11 (Daily Low), 104.08 (Daily Classic PP) and 103.96 (Hourly 100 SMA).