USD/JPY bulls let their chance slip through the fingers; 104.00 is still unbroken

By FXstreet.com | August 22, 2014 AAA

FXStreet (Moscow) - USD/JPY touched the intraday high at 104.06 on the back of Yellen's comments, but the bullish momentum was not strong enough as the pair returned to its old range, currently trading at 103.95

Unhelpful Yellen

Janet Yellen has driven markets crazy with her so long awaited speech in Jackson Hole. She stated that rates might be raised sooner if there is a faster progress on goals, while slower progress will delay rate increase. Sounds like she tries to have something for bears and something for bulls at the same time. Investors hoped that this speech will help them to shape a clear USD direction, but they might get nothing more that just a bout of volatility. Thus USD/JPY returned below 104.00 level. The nearest support is still at 103.60.

What price levels and patterns have to be considered?

Spot is presently trading at 103.94, and next resistance can be seen at 103.97 (Yesterday's High), 104.01 (Daily Classic R1), 104.07 (Daily High), 104.18 (Daily Classic R2) and 104.39 (Daily Classic R3).

Support below can be found at 103.85 (Daily Open), 103.85 (Monthly High), 103.85 (Weekly High), 103.81 (Daily Classic PP) and 103.78 (Hourly 20 EMA).

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