USD/JPY: continues to drift higher in Tokyo

Currently, USD/JPY is trading at 114.14, up 0.10% on the day, having posted a daily high at 114.22 and low at 113.92.

USD/JPY is tentatively bid in the Tokyo open, while the greenback was a drift higher overnight and Wall Street remained bullish with new highs for the Dow Jones yet again, fueling risk appetite in Asia ahead of key Aussie GDP data coming up as the only major scheduled event ahead. The calendar is quiet for the rest of the week elsewhere as we await the FOMC next week. "Fed funds futures continue to imply a 100% chance of a rate hike on 14 December, with two more rate hikes priced in for 2017," explained analysts at Westpac.

USD/JPY levels

With spot trading at 114.14, we can see next resistance ahead at 114.20 (Yesterday's High), 114.22 (Daily High), 114.42 (Monthly High), 114.42 (Weekly High) and 114.74 (Daily Classic R1). Support below can be found at 114.03 (Daily Open), 114.01 (Hourly 100 SMA), 113.98 (Hourly 20 EMA), 113.92 (Daily Low) and 113.81 (Daily Classic PP).