The USD/JPY pair's recovery momentum from session low gained further momentum during early NY trading session and the pair jumped back closer to 104.00 handle. Currently trading around 103.90-85 region, rising US treasury bond yields are pointing to rising prospects of an imminent Fed rate-hike action by the end of this year, with CME group's FedWatch Tool pointing to 63% probability of such an action in December, and is supporting the pair's recovery momentum. Moreover, easing concerns about a 'hard Brexit' has also contributed to the pair's up-move on Wednesday. However, a downbeat opening in US equity markets is underpinning the Japanese Yen's safe-haven appeal and restricting further up-move. Market participants look forward to the release of FOMC meeting minutes, which would be one of the key determinants for the pair's near-term trajectory. With a strong upward momentum in the short term, as in the 1 hour chart, the price is back above its 100 SMA while technical indicators have turned sharply higher above their mid-lines. In the 4 hours chart, the technical indicators also regained their upward momentum within positive territory, whilst the price is far above its 100 and 200 SMAs. Still, upcoming direction will depend on how the market reacts to the release of FOMC Minutes, and it will take a break above 104.30, September high, to confirm an upward extension towards the 105.00 figure." Support levels: 103.00 102.60 102.20 Resistance levels: 103.95 104.30 104.70