Now sky is the limit for USD/JPY bulls

By FXstreet.com | Updated August 20, 2014 AAA

FXStreet (Moscow) - USD/JPY resumed the upside after a short respite. The pair set new Asian high at 103.26, while bullish momentum is gaining traction.

Big winner

USD/JPY made the Asian session today. The pair was dozing quietly in a tight range and then, from out of the blue, it woke up and rushed above the key resistance level of 103.00 towards new four month high at 103.26. This dynamics influenced all JPY crosses, though it was caused by USD factors - most of them are of speculative nature. Now the dust has settled, but USD/JPY is still trading above 103.00, which is slightly positive for the pair in the short-term perspective. Japanese All Industry Activity Index came out worse than expected (-0.4% against forecasted -0.2%), though markets left it unnoticed. During European hours the focus will shift onto minor economic reports from EZ, while the key risk event of the day is FOMC minutes published today during American session.

What are today’s key USD/JPY levels?

Current price is 103.25, with resistance ahead at 103.28 (Daily High), 103.43 (Weekly Classic R3), 103.48 (Daily Classic R3), 105.31 (Annual High) and 105.31 (3 Year High).

Support below can be found at 103.21 (Daily Classic R2), 103.08 (Weekly Classic R2), 103.06 (Daily Classic R1), 102.94 (Yesterday's High) and 102.92 (Daily Open).

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