USD/JPY gravitating back towards multi-week lows

The USD/JPY pair maintained bearish bias for the fourth consecutive day and is now extending the weakness back below 115.00 psychological mark. 

Currently trading at 114.30 level, testing lows, the pair has moved back closer to yesterday's 5-week low touched in wake of disappointment from the US President-elect Donald Trump's news conference, where he failed to provide any specifics of the proposed fiscal policies to spur economic growth. 

Adding to this, the Japanese Yen got an additional boost from trade balance data that showed current account surplus to the tune of ¥1415 billion. Although, it is hard to gauge that the precise impact of today's data, the number would still have been Yen-supportive. 

Moreover, weaker sentiment surrounding Asian equity market was also boosting the Japanese Yen's safe-haven appeal and collaborating to the pair's weakness on Thursday. 

Later during NA session, the usual release of weekly jobless claims and speeches from FOMC members, Evans and Harker, would now be looked upon for some immediate respite for the US DOllar bulls. 

Technical levels to watch

A follow through selling pressure below 114.25 (yesterday's low) would turn the pair vulnerable to extend its corrective slide towards 50-day SMA support near 113.00 handle, with 113.75 and 113.40 levels acting as intermediate support. 

On the flip side, any recovery attempt might now confront resistance near 114.70-75 region above which the pair is likely to make a fresh attempt to reclaim 115.00 handle above which the recovery momentum could get extended back towards session peak resistance near 115.50 region.