USD/JPY struggling to gain traction

USD/JPY edged slightly higher on Wednesday, although the attempt remained capped by the 100.80 zone, confining the pair to further consolidative moves.

USD/JPY was rejected from a peak of 100.81 during the European session and it has spent the last hours, trading erratically within a 40-pip range. USD/JPY was last trading at 100.57, still up 0.17% on the day.

The pair struggled to gain traction in either direction despite the release of US durable goods orders (mixed) and comments from Fed Chair Yellen. Yellen was testifying on banking regulations before the US House of Financial Services. She barely addressed monetary policy and limited to reiterate that there is 'no fixed timetable for raising rates'.

USD/JPY levels to consider

In terms of technical levels, next supports are seen at 100.07/00 (Sep 27 low/psychological level), 99.53 (Aug 16 low) and 98.98 (Jun 24 low). On the flip side, resistances could be found at 101.12 (10-day SMA), 102.04 (50-day SMA) and 102.77 (Sep 21 high).