USD/JPY rebounds to test daily pivot, keeps 104.00

The USD bulls quickly regained strength in the Asian trades, lifting the USD/JPY pair from just ahead of 104 handle and climbed higher to test daily pivot located at 104.40 levels.

USD/JPY awaits US data

A recovery in the Japanese stocks helped the USD/JPY pair to stage a solid rebound from a dip to 104 handle, while renewed buying interest seen behind the US dollar versus its main rivals also pushed the major back on the bids.

The USD/JPY pair is last seen exchanging hands at 104.30, hovering near daily highs of 104.38, up 0.06% on the day. While the Nikkei 225 index now drops -0.15% to 17,333 levels, re-approaching session tops.

Markets now eagerly await the US durable goods and advance GDP numbers due later this week for fresh direction on the major. In the meantime, the US services PMI and new home sales data will be eyed later today for further USD moves.

USD/JPY Technical levels to watch 

In terms of technicals , the immediate resistance is located at 104.71 (daily R1). A break above the last, the major could test 105 (psychological levels) and 105.34 (Jul 27 high) beyond the last. While to the downside, the immediate support is seen at 104.09/104.03 (5-DMA/ daily low) next at 103.76 (20-DMA) and below that at 103.13 (daily S3).