USD/JPY ducking below 104 handle, but upside pressures remain

By FXstreet.com | August 25, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 103.97, up 0.05% on the day, having posted a daily high at 104.28 and low at 103.86.



USD/JPY has ducked away from the levels that we have not seen since the start of this year on the 104 handle. The pair now oscillates just sub the handle with pressures that still favour the upside fundamentally and technically speaking. Valeria Bednarik, chief analyst at FXStreet noted that there’s a long term descendant trend line coming from August 1998 monthly high of 147.68, at 105.25 for this August, and she said that the level will likely act as a magnet before some profit taking triggers a downward correction.



USD/JPY support and resistances



Support levels:103.90, 103.40 and 102.90



Resistance levels: 104.45, 104.80 and 105.25



comments powered by Disqus
Related Forex Analysis
  1. Weekly Trading Forecast: FX Traders Prepare for Heavy Volatility on FOMC, GDP and ...
    Forex News

    Weekly Trading Forecast: FX Traders Prepare for Heavy Volatility on FOMC, GDP and ...

  2. USD/JPY to Eye Fresh Highs on Less-Dovish FOMC, More BOJ Easing
    Forex News

    USD/JPY to Eye Fresh Highs on Less-Dovish FOMC, More BOJ Easing

  3. Trading Video: EURUSD Traders Buckle Up for FOMC, ECB Stress Tests, Risk Trends
    Forex News

    Trading Video: EURUSD Traders Buckle Up for FOMC, ECB Stress Tests, Risk Trends

  4. USD/JPY anchored on 108 handle
    Forex News

    USD/JPY anchored on 108 handle

  5. USD/JPY Remains Capped by Former Support Ahead of FOMC, BoJ Meeting
    Forex News

    USD/JPY Remains Capped by Former Support Ahead of FOMC, BoJ Meeting

Trading Center