USD/JPY digging it's feet in on the 104 handle

By FXstreet.com | Updated August 26, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 104.14, up 0.07% on the day, having posted a daily high at 104.18 and low at 104.05.



Nikkei has opened slightly up, 0.23% and USD/JPY is popping up a little also digging it’s heals in on the 104 handle. Karen Jones, chief analyst Commerzbank explained that the current August high at 104.49 is regarded as the last defence for the 105.45 2014 high. “Minor support below the 61.8% Fibonacci retracement at 103.66 comes in around the July peak at 103.15. We will retain our bullish view while USD/JPY remains above the current August low at 101.51”.



USD/JPY support and resistance



Support levels: 103.95, 103.70, 103.20 and 102.85



Resistance levels: 104.49, 104.80 and 105.10



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