Rate is firming up and the late sellers are likely in. Traders not model accounts buying USD in Asia so likely their stops will drive trade off the lows and into the 103.70 area near-term.

Upside will continue to be labored but a retracement is coming. Traders note that the market continues to trade technically and expect stops to be run in both directions near-term; Day traders continue to get a lot of opportunity as the rate will likely cover a lot of the same ground twice on the hourly time frame.

Resistance at 104.80 area remains significant now and rallies should be sold.

USD/JPY Daily

Resistance 3:  104.50
Resistance 2:  104.00/10
Resistance 1:  103.70/80
Latest New York:  103.33
Support 1:  102.80
Support 2:  102.50
Support 3:  102.20/30

Data due Friday: All times EASTERN (-5 GMT)

Nil

Forex Analysis by Jason Alan Jankovsky at ForexPros.com. For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check http://www.forexpros.com