USD/JPY breaks above 104.00 and accelerates higher

USD/JPY picked up fresh momentum and broke above September peak to hit fresh 2 ½-month highs in recent dealings. 

USD/JPY accelerated higher after breaking above the 104 mark, and also climbed through the 104.30 resistance area toward a peak of 104.45 before taking a breather. At time of writing, the pair is trading at 104.40, recording a 0.89% daily gain.

All eyes remain on FOMC minutes to be published at 18:00 GMT, with investors scrutinizing the language for clues on whether the bank is ready for another rate hike before the year-end.

USD/JPY levels to consider

In terms of technical levels, next resistances could be found at 105.00 (psychological level) and 105.56 (Jul 29 high) ahead of 106.00 (psychological level). On the other hand, supports are seen at 103.43 (100-day SMA), 102.86/79 (10-day SMA/Oct 10 low) and 102.65 (Oct 5 low).