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

By FXstreet.com | Updated 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



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