USD/JPY finds fresh bids near 104.50 amid risk-on

The USD/JPY pair stalled its recovery mode near 104.80 region and turned lower, before running through fresh bids near the mid-point of 104 handle,

USD/JPY re-takes daily pivot at 104.74

The bulls fight back control over the last hour, now pushing the USD/JPY back towards daily highs reached earlier on the day at 104.82  At the time of writing, USD/JPY jumps +0.33% to 104.61.

The latest leg higher witnessed in the major can be mainly attributed to a major turnaround in the risk sentiment after the Brexit campaign was suspended, with stocks rebounding and oil changing course. Meanwhile, the Japanese benchmark Nikkei 225 now rallies +1.58% to trade around 15,690 levels.

The major ignored the latest mixed US data release as the broader market sentiment continues to drive the yen markets. Later today, a set of US housing data will be watched for fresh incentives as dust settles over the Fed and BOJ aftermath.

USD/JPY Technical levels to watch

In terms of technicals , the immediate resistance is located at 104.82 (daily high). A break above the last, the major could test 105 (round number). While to the downside, the immediate support is seen at 104.24/00 (daily low/ round number) and below that at 103.50 (Multi-year low).