USD/JPY cannot forget about the 105.00

By FXstreet.com | September 03, 2014 AAA

FXStreet (Moscow) - USD/JPY touched 8-month high at 105.30, and reversed the move sliding to 104.95 area by the moment.



Matter of time



The pair finally managed to settle above 105.00 area yesterday and refreshed 8-month high in the morning at 105.30. The yen selling was triggered by speculations on Japanese government re-shuffle, and when the Prime Minister did appoint a policy maker who could shift pension funds toward riskier assets, it triggered the logical sell-the-fact move with the pair sliding to 104.86 low by the moment. However, we need to understand that the new GPIF asset allocation strategy may dampen the demand on the yen in the medium- or long-term, thus, a new wave of the pair buying may be just the matter of time.



What are today’s key USD/JPY levels?



The pair is currently trading at 104.99. Today's central pivot point can be found at 105.10, with support below at 104.84, 104.34/44, and 104.04 with resistance above at 105.24, 105.43, and 105.64.



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