FxWirePro: USD/JPY flat on the day, capped below 10 DMA at 120.76

USD/JPY trades modestly flat at 120.68, extends overnight side-trend amidst thin volumes as the Japanese markets remain closed today on account of 'Culture Day'.

• The pair continues to move back and forth between 120-121.50 unable to set longer-term directions
   
• USD/JPY is currently trading at 120.68, with resistances at 120.76 (10 DMA) ahead of 121.00/03 (psychological level/200-day SMA)
   
• Supports could be found at 120.60 (4h cloud top) and then at 120.15 (50-day SMA), and 120.00 (psychological level/Oct 28 low) 
   
• Focus on US factory orders and IBD/TIPP Economic Optimism due later today, while sentiment on the global equities will also continue to dominate
   

Resistance Levels:

R1: 120.76 (10 DMA)

R2: 121.00/03 (psychological level/200-day SMA)

R3: 121.47/0 (Oct 30 & 26 highs)

Support Levels:

S1: 120.60 (4h cloud top)

S2: 120.15 (50-day SMA)

S3: 120.00 (psychological level/Oct 28 low)