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).

Related Articles
  1. Forex Fundamentals

    Chinese Yuan an Unlikely Reserve Currency

    As the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
  2. Economics

    How Currency Enforcement Helped Sink The Trans-Pacific Partnership (TTP)

    One particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
  3. Forex

    Top U.S Forex News Sites

    Breaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
  4. Investing

    Financial News Comparison: Bloomberg Vs. Reuters

    Access to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
  5. Economics

    Who Benefits From South Korea's Lowered Interest Rates?

    South Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
  6. Forex Education

    The Top Uses For P2P Currency Exchange

    Peer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
  7. Forex

    Steps To Open An Offshore Forex Account

    Here is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
  8. Entrepreneurship

    Top Forex Trading Apps

    A brief overview of the top apps that help forex traders with on time information, charts and more.
  9. Investing Basics

    The Risks Of Buying Bitcoin

    Virtual currency is probably here to stay, but what about Bitcoin specifically? Does it have a first-to-market advantage? What are the risks involved?
  10. Forex News

    How The Forex "Fix" May Be Rigged

    When it comes to forex, some types of "fixes" are legal. But some really aren't.
RELATED TERMS
  1. No results found.

You May Also Like

COMPANIES IN THIS ARTICLE
Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!