USD/JPY hovers at 4-week highs

USD/JPY advanced to fresh 3-week highs on Wednesday, supported by a slightly positive tone to the markets.

After closing barely flat on Tuesday, USD/JPY regained strength and pushed to its highest level since the Brexit vote at 106.71. The dollar found resistance and pulled back slightly to currently trade around 106.59, 0.47% above its opening price.

USD/JPY technical levels

In terms of technical levels, on the upside next resistances could be found at 106.80 (Jun 24 high) and 107.89 (Jun 7 high) ahead of 108.38 (100-day SMA). On the flip side, supports are seen at 105.64 (Jul 19 low), 105.26 (Jul 18 low) and 103.90 (Jul 13 low).