USD/JPY bears taking back control

By FXstreet.com | Updated August 27, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 103.84, down -0.04% on the day, having posted a daily high at 103.94 and low at 103.83.



With the Nikkei opening down 0.34%, the USD/JPY remains soft and has failed to hold onto the 104 handle where it had been trying to clim ground. Thus, and as Valeria Bednarik, chief analysts at FXStreet notes, the bearish potential has increased amid the hourly chart showing price now below its 100 SMA, as 200 one approaches from below. “Indicators in the same time frame lack clear strength but stand in negative territory, while the 4 hours chart shows indicators heading south, retreating from their midlines, which increases the risk of a break lower: some follow through below 103.70 however is required to confirm a leg lower eyeing then 103.20 price zone”.



USD/JPY support and resistance



Support levels: 103.70 103.20 102.85



Resistance levels: 104.20 104.50 104.80



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