USD/JPY fails to hold above 104.00

By FXstreet.com | August 27, 2014 AAA

FXStreet (Córdoba) - The USD/JPY failed to sustain gains above 104.00 for long and pulled back during the Asian session, before finding support at the 103.85 area.



The USD/JPY pierced the 104.00 mark Friday underpinned by a less dovish speech from Yellen in Jackson Hole, but the dollar has repeatedly failed to hold gains and continues to retreat after every upside attempt. A major resistance stands now at 104.26, which is a 7-month peak scored Monday.



With no first-tier data scheduled, the pair might extend its consolidation phase in the absence of news. At time of writing, the USD/JPY is trading at 103.90, 0.14% below its opening price.



USD/JPY levels to watch

As for technical levels, the USD/JPY could find immediate supports at 103.74 (Aug 26 low), 103.50 (Aug 22 low) and 103.08 (Jul 30 high). On the other hand, resistances are seen at 104.16 (Aug 26 high), 104.27 (Aug 25 high) and 104.84 (Jan 23 high).



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