USD/JPY trims losses, near 104.50

The Japanese yen is shedding part of its initial gains vs. its American counterpart on Wednesday, sending USD/JPY to the 104.55/50 band.

USD/JPY weaker ahead of Yellen

Spot is looking to extend its weekly consolidative theme, with the topside capped around 105.00 the figure while a resumption of the downside pressure could see recent lows in sub-104.00 levels re-visited.

Later in the session, another testimony by Chairwoman J.Yellen will keep investors entertained, although the focus of attention remains on the EU-UK Referendum due tomorrow.

USD/JPY levels to consider

As of writing the pair is retreating 0.21% at 104.53 facing the immediate support at 103.53 (2016 low Jun.16) ahead of 101.49 (low Aug. 8 2014) and then 101.04 (low Jul.10 2014). On the flip side, a break above 106.87 (20-day sma) would aim for 107.92 (high Jun.7) and finally 108.23 (55-day sma).