- Rising bets of a December Fed rate-hike action following Wednesday's release of FOMC minutes buoyed USD.
- USD/JPY hit 104.64, the highest level since July 29 in early Asian session before paring gains to slip below 104 handle.
- Disappointing Chinese trade data saw renewed risk-off across markets and supported demand for safe-haven yen.
- 100-DMA at 103.36 is strong support on the downside, breach there would see drag till 102 levels.
- Major support levels - 103.36 (100-DMA), 103.11 (10-DMA), 103, 102.85 (Oct 7 low)
- Major resistance levels - 104, 104.63 (session high), 105
Recommendation: Good to short break below 103.35, SL: 104, TP: 102.80/ 102
